I just read this post about the snowflaking method of debt reduction. I’m not going to summarize, it’s well worth clicking through to read the post:

Snowflaking – A Primer

This is kind of how I manage my debt, which I think is kind of good since I’ve never taken any advice on the matter. Though I did learn some good things to streamline the process. I think this is a marvelous way to deal with debt, even if you’re just a couple hundred in the hole but can’t seem to dig out.

It’s absolutely essential if, like me, you’re up around the $100,000 mark. Shocked, are you? Well, take that fancy undergrad education at $40,000 back before my mom and I really “got” the financial aid process. Tack on another $40,000 for that graduate degree that I had to fly to Illinois for three times a year for(and no, I wouldn’t change my mind and go to a cheaper school if I had it to do again. I knew what it would cost and it was worth every single penny of borrowed money). Add $10,000 car loan because I have to commute to work now, and $10,000 in credit card debt from moving all the freakin’ time, and voila…totally, desperately, depressingly unmanagable debt! But I have a smile on my face, why? Because I am paying it off right, and I can look at this woman’s numbers go down and figure that if it’s working for her, must be working for me too!

I especially like how honest she is about the numbers; she has a whole section dedicated to the exact amount of her debt and how it’s moving down. Americans in particular tend to be very secretive about our money. I honestly have never understood why. I wonder if it might something as simple as embarrassment, or competition. If nobody knows what you make or what you owe, then you have nothing to be ashamed of.

Also, let’s not forget how this tendancy is a huge advantage to employers, who basically rely on you being more worried about your co-workers knowing what you make than being worried about whether you are the victim of pay inequity. Is the price of having to admit what we make/spend really that high?