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 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.