Back in January of 2014, I started getting serious about paying off debt. I was reading everything I could get my hands on to help with strategy. I analyzed my budget like crazy. And I tried to determine exactly why I was in debt. There had to be some sort of weakness, some sort of “Kryptonite.”

Debt has become a huge focus in my life because I always seemed to have it. I would get rid of it and then gain some back and then get rid of it again and gain some back. It’s never been interest-bearing debt, but I always have some debt.

My weakness? 0% interest credit cards.

It’s like paying for cash but not all at once. Therefore, it allows you to buy more things. Right?!

Wrong.

I have always known that 0% interest credit cards are a great use of a credit card and financing. However, it wasn’t until I got into debt with no less than seven 0% interest credit cards that I finally figured out the correct way to use them and how much total debt I should have on them at one time.

After all of this crappy debt is paid off, My total balance on all 0% credit cards will be at or less than what I have in surplus per month. 

So what is a “Debt Weakness?”

Your “Debt Weakness” is the reason why you keep going into debt. For example, my debt weakness is 0% credit cards. That’s why I was so far in debt and still working my way out. Each balance was $1,000 or more as well. In total I had about $10,000 in debt just on no-interest credit cards at one time!

Yours could be something completely different. It could be eating out too much. By spending too much on dining out you could not have enough for other expenses and have to put some of it on a credit card. It could be just not paying attention to where your money is going in the first place. Maybe you aren’t making enough money to cover your bills and need to cut some things out. It could be just the false need to have more stuff or the need to have the next best gadget. I know for me I have to stop myself from getting a new iPad. There are a lot of different possible “Debt Weaknesses.”

The next “Death to Debt” comes out in 10 days. I want to challenge you to find out what your debt weakness is before then. Take an hour, sit with your checkbook or bank account or whatever program you use to manage your money, and figure this thing out. I promise you will think about your finances differently.

So let’s do this this week. Figure out your “Debt Weakness” going into this month’s Death to Debt. It’ll put your debt into a different perspective and you will be able to recognize the weakness before making decisions.

They say hindsight is 20/20. Well let’s take a step back, get our eyes checked, and keep killing our debt.

Have you figured out your “Debt Weakness?” Do you have some tips for not just getting out of debt but staying out of debt? Comment below or on Facebook!

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