While I was making a plan to find ways to get rid of my debt, one of the first ways came into mind was blogging. I thought to myself, why don’t I start a blog where I can discuss my debt problems, keep track of my progress and just blog about debt and money issues. It’s not bad enough that I am already kicking myself for getting this deep into debt in the first place, why not make a public spectacle of myself too. I figured there must be enough people out there who can relate or would be interested to see how I’m tackling my debt.

I also thought if I can somehow make the blog popular enough, I could generate money out of it…which I could use towards reducing my debt. Of course it’s not easy starting up a blog and creating an instant fan base. You really need some stand-out gimmick for that, which I don’t have. I though needed something that not only is going to challenge and motivate me to succeed, but I could offer something of value that could attract visitors who would return.

So I added a debt free challenge to my blog, where I set a target date to eliminate my debt by with a live countdown. This should be interesting enough for people to see me succeed or fail, or just provide some amusement either way…while the clock keeps ticking. 

Now I just needed to add things that I could generate money from. So I asked for donations…which probably would  offend a few (or many)…or might draw enough attention to actually work. But of course I was not expecting that I could just hold a cup in hand and wait for someone else to get me out of my financial mess..no not at all. I just wanted to keep my options open just in case someone thought “I wish this blogger would accept donations”.

 I also wanted to make the blog versatile just in case some were tired of the discussion about debt and just wanted to spend money to buy an ipod or something. So I added a store, auctions and ebooks section that might interest someone to purchase an item that they were interested in and at the same time could help me get rid of my debt.

Then if my blog really grew in popularity, maybe those big advertisers would come along and advertise on my site for a nice sum…putting a big dent in my debt.

Or maybe…someone would be so impressed with my blog that they would offer a pretty penny to purchase it and completely wipe out my debt. 

Ah yes…blogging away my debt is how I’m going to achieve my goal to be debt-free.

When you are deep in debt, not only do you need to find ways to get out of debt but you need to set a time period to accomplish it. However you got there is no longer the issue as it’s part of life’s lessons to learn from and now action needs to be taken in order to eliminate the debt.

My goal is to be rid of $25,000 in debt in four months (16 weeks). That may seem like a short period of time as it took longer to accumulate it, but I would like to beat Karyn who eliminated her $20,000 debt in 20 weeks through her save karyn website some years back. That’s $5,000 more and in one month (4 weeks) less than her. I figure I am putting the pressure on myself but hey I am sick of being in debt and want to show people that anything is possible with pure determination.

I created my blog simply for this purpose, as a vehicle to get out of debt. I am asking for people to donate cash or buy products off my site to help me reach my goal. Just think if 25,000 people each donated $1 or 12,500 each donated $2, that is all it would take for this challenge to be a success.

So what is the target date to be debt free in this challenge?  I started this blog October 7, 2009 and counting 16 weeks ahead, that would make the target date January 27, 2010. Mark it on your calendar and come back often to see my progress.

What will you receive in return? Not too much…other than some entertainment, useful tips and the privilege to help someone get out of a bad financial situation.  Not only that but, in the laws of karma, by helping that person can bring good in your life and someday when you need help you will be helped too. Just think how the world could change if people came together like this.

Please join my debt-free challenge, get the word out and make a difference!

*Update: The four month challenge was realistically too short of a time to get rid of debt. What I learned is just as debt takes time to accumulate, it will also take time in getting rid of it.  I though have been steadily reducing it and in a much better position than before. Honestly, there really is no easy solution because there are always hurdles along the way to overcome. What I have been doing is cutting back on expenses and finding ways to make more money.

I’ve had my house for sale for four months now and still hasn’t sold. It wasn’t what I was expecting when the cheery-faced realtor showed up at my door with such hope and promise. Matter of fact he said he would buy it if he didn’t already have a home. That though may have just been a marketing ploy to enlist him.

Well since then the price has been adjusted a few times but still with no solid offers. It doesn’t help that you keep hearing about the never ending recession. Of course the word “recession” alone gave all the leverage to buyers and a buyer’s market it became. Suddenly the light bulb appears, why selling in a buyer’s market as you almost have to beg for a sale or stand out from the rest. But some of us have no choice because the “recession” caused us some setbacks. Who to blame?

Maybe I can blame the realtor because he doesn’t seem to be doing anything exceptional that I couldn’t be doing myself. It doesn’t help when all you hear are excuses for why your house is not selling, rather than finding better marketing methods and targeting buyers more efficiently to get the house sold. He keeps saying, “ it’s because you don’t have hardwood flooring that most buyers are expecting”. Well bud, I am not going to spend $20,000 on hardwood from money I don’t have in order to please an unknown buyer who may not purchase anyway. My house doesn’t have hardwood so why is he showing to people who expect it.

To  think I  hired a realtor to take pressure of myself.  What was I thinking?

Yes selling a house is not easy in a tough market and you have to get more creative…or drop your price to nothing. Where’s the darn seller’s market when you need it!

I never knew much about online beggars until I found myself financially strapped so now I totally relate with them. Hey no need to smirk, you can be sitting pretty one minute and the next it can all be taken away from you. Happens to the best of us. Online begging can help serve and solve a desperate financial situation from the generosity of others who believe in karma…what goes around comes around.

How does online begging work?

Well basically you can get a free blog or register a domain, pay for hosting and create your own website. There are also begging sites that offer to rent you a page that you can use. You could keep it a one-page description of your situation and request a donation which can be paid through paypal. Or you could make your site with more content, provide other useful information, sell products and take donations. The sky’s the limit. But I doubt you can just sit back and collect, as you will need to get visitors to your site or page so will need to promote to get the word out that you need help. It may not work out for everyone but what have you got to lose.

Any successful online beggars?

I haven’t looked deeply into the matter but after doing a simple enough google search I came across Karyn’s website. You could say she is the guru of online beggars. She had lost her job and was $20,000 in debt from being a shopaholic. In any case, back in 2002, she started a website asking people to donate money to pay off her debt. Well, fast forward, it was a big success and people actually donated to cover all her debts that included prada shoes and other fancy stuff she had purchased. She wrote a couple of books, been on some talk shows and I believe there will even be a movie about her life. So I guess you could say she is  a successful online beggar who as a result of her money problems  became rich and famous.

I’m giving online begging a try and don’t know how successful I will be. I’m not looking to get famous but rich would be nice.  First, though, I need to pay off my debts before I can work on the rich part.