Stupid Suggestions to Get Out of Debt

I have years and years of first hand experience of getting out and staying out of debt. It was not until I recently read a published article by a financial branch manager, titled, "10 ways to reduce your debt" that I realized that even money managers are clueless as to reducing consumer debt. I will list his suggestions and why they just don't work.

The article appeared in a local free paper called "High Points" published and distributed in the Willamette Valley of Oregon. The article's author is Darin Klarr, branch manager for Selco Credit Union located in Albany, Oregon. In his article he counts down the 10 ways people can use to reduce their debt.

At number 10 he lists "Downsize your home." He suggests living in the smallest space you can and suggests you think along the lines of a one-bedroom or studio apartment. What he is not mentioning is your mortgage. He should say "Downsize your mortgage" not the size of your home. This guy should be well aware of the housing situation and should know that it is extremely hard to sell a home right now. He fails at number 10.

At number 9 on his list he says to save 50% of your income. I think that would be everyone's dream but he fails to say how. He fails at number 9.

Number 8, he suggests to "Eliminate your gadgets." He lists cell phones and computers along with LCD TV's. He sights the cost of having them. He then goes on to say that you can get your news at the local library and use their computers to check your email. He probably doesn't have any children that go to school, if he did he would know that getting through high school often requires an at home computer and printer for homework and reports.

Number 7 has got to be the most ludicrous idea he has so far. It is to "Eliminate your car." That works great if you live and work in a big city but not in the area for which he and the paper in which his article appeared, we are a rural area. He suggests begging for rides from friends and quite frankly if you do that, you will not have many friends left. Of course if you have to beg a ride to the library, to find that job in the newspaper so you can save 50% of your income of, then you are up the creek without a paddle.

At number 6 we are nearly half way into the laugh feast. Here he suggests to "Only buy used." While that works for some things I would not suggest that for many items. Often buying something used means buying someone else's problems. I also cringe at buying something used that is so outdated to the point of getting parts for it would be a pain in the butt.

Number 5, he suggests to "Buy one, donate 3." He wants us to downsize so badly that every time we buy something he wants us to get rid of 3 items in exchange. I have no clue what that has to do with getting out of debt, and I wonder if at this point does he?

Number 4 is the one place where he actually ties to make sense, on the surface that is. He suggests to make "Christmas a no-spend holiday." He wants us to chuck the gifts and return to the real meaning of Christmas. Of course that also means many businesses will go under, but what the heck, the more unemployed the better.

At number 3, is his "Don't eat out" suggestion. Most people that are struggling with debt cannot afford to eat out but that does not stop our author from listing it. Of course if you have followed his suggestion of downsizing your home then you have no place to stock up on food so you can eat at home cheaply. You also probably donated most of your dishes and pots when following his number 5 suggestion.

Number 2 on his list suggests that you "Don't pay for entertainment." He suggests going for walks or bike rides.....wait a minute, you are already doing that since you got rid of the car as he suggested in number 7. Since you don't have any gadgets (suggestion number 8) to listen to music, you can't even stay at home and be entertained. Maybe his suggestion should read "Forget entertainment."

Now for his number 1 suggestion, "Start your own business." I would love to ask him how, since he will not let us have a car, computer, cell phone or even the space to start one.

His article did not even list the main reason for mounting consumer debt, credit cards and their misuse. Of course this was written by a person that makes his income from people taking out loans and credit cards. So why would he say cut up that credit card, pay down that mortgage or pay off that loan? He wouldn't and either appears to be a complete idiot or someone completely out of touch with reality.