Carnival of Debt Reduction #120 – Eleven Resolutions for 2008

Since today is New Year’s Eve, I am presenting the New Year’s Edition of the Carnival of Debt Reduction. I’ve written a New Year’s Resolution for each post. Perhaps one of these resolutions will become one of yours in 2008. Enjoy!

1. Pay Off Christmas Debt ASAP

(Editor’s Pick) Matthew Paulson presents How to Get Over a Holiday Debt Hangover posted at American Consumer News. If you’ve financed Christmas, here are some ideas for paying off the debt as quickly as possible.

2. Stop Using Credit Cards

(Editor’s Pick) NCN presents Stop Asking Me If I Want To Apply For Your Silly Credit Card posted at No Credit Needed. This rant, inspired by a Christmas shopping outing, will make you reconsider your use credit cards in 2008. You say you always pay your credit cards off each month? Read this anyway.

3. Don’t Take on Anymore Debt

Madison presents Debt Payoff Strategies Holding You Back posted at My Dollar Plan. There are dozens of ways to optimize your debt reduction strategy. But are these holding you back? Madison shares here perspective.

4. Learn from People with Views Different than Your Own

Lynnae presents Lessons Learned From My Hippie Brother posted at beingfrugal.net. Lynnae’s brother Justin is a long-haired hippie. She says they often don’t agree on things. Nevertheless, Lynnae learned an important lesson from her brother this year.

5. Focus on One Thing at a Time

The Chef presents Focus on your Routine posted at Recipe For Financial Freedom. It’s difficult to focus on debt because it’s painful. Here are some ideas that may help.

6. Figure Out Your Monthly Finance Charge

How much is interest really costing you each month? Amanda presents What is Your Monthly Finance Charge? posted at Me vs. Debt.

7. Spend More Time with Family

MMND presents The Modern Girl’s Guide to $uccess posted at Millionaire Mommy Next Door. Millionaire Mommy Next Door recently made a guest appearance on a TV talk show about women in debt crises. She shares the story here–and gives some advice contrary to the TV hosts.

8. Determine Where Money Should Go for the Best Return

FMF presents How to Handle Six Money Dilemmas, Credit Card Versus 401k posted at Free Money Finance. Use these simple rules for determining when to pay off debt and when to finance your 401(k).

9. Stop Buying Stuff You Can’t Afford

Nicole presents Free Yourself From American Consumerism posted at Makeitbetter’s Weblog. Learn how Nicole paid off $4,000 of debt in seven months on a $30,000 a year salary.

10. Turn a Hobby into Money

Grace presents Reading, Writing and (I Hope) Arithmetic posted at GRACEful Retirement. Do you have a hobby that could make some money? Grace is going to find out in 2008 if she can turn her hobby into money for debt reduction.

11. Stay Accountable

Single Ma presents Debt Payoff Incentive – Year End Review and the Winners posted at Single Ma’s Fabulous Financials. Discover how staying accountable helped Single Ma and four others pay off over $43,000 of debt.

Editor’s Note: Thanks to everybody who participated this week. If you like this Carnival, please consider sharing it with your readers. If you’d like to participate this coming week, you can submit your post about debt reduction here.