No. of Recommendations: 76
I intially joined the Fool when I thought that their columns on credit and debt were severely lacking. After 3+ years, I actually think that they have gotten worse!

Here's a column that offers 9 ways to get out of debt:

In summary:

1. Pay more than the minimum
Okay, not a bad start. That's not where I would have started though.

2. Snowball your debt payments
Okay, I'll buy that.

3. Cash out your savings account
Uh-oh, you are starting to lose me. What if there is an emergency? Should I plan to borrow in that case?

4. Borrow against your life insurance
How is that getting out of debt? I mean he says "borrow." Also, that would mean that I have a whole life insurance and that is a rip-off in itself.

5. Finagle family and friends
There's a smart move. Go into debt with lifetime companions. Where was this advice picked up? From the local Xtreme skate park?

6. Get a home equity loan
Again, how is that getting out of debt?

7. Borrow from your 401(k)
There we go. Let's not only stay in debt, but if we lose our job the loan needs to be paid in full. Wow, that's two things that go together well.

8. Renegotiate terms with your creditors
That should be part of snowballing.

9. As a last resort, file bankruptcy
Another popular concept on this board.

Maybe someday we will actually get a Fool column that says "don't spend more than you can afford" and other common sense advice. I guess that isn't high brow enough.

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