I’ve been using Twitter a bit recently (you can follow the FrugalPod stream at twitter.com/frugalpod) and I’ve found the search tool to be fascinating. I’ve been searching for people who have updated their status using phrases suggesting that they’ve paid off some debt.
When I checked the other night, over thirty people had mentioned that they’ve paid some debt off or have made significant progress toward paying off debt. The time stamps on these entries were no older than 12 hours.
I think this is great. I asked one person how she attacked her debt and she decided to go after the smallest balance first. She knew it wasn’t the most cost-efficient way to pay down her debt, but she felt a sense of empowerment by paying things off quickly.
In a recent podcast (found in this post, or here at iTunes) we talked about debt payment and the different methods of attacking debt.
I get excited knowing that people are getting their financial houses in order. Although the current financial situation is tough on a number of people, my sense is that many people are taking a step back and examining their fiances in a way that hasn’t been done since the early 1990s.
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