“How do I pay off all this debt?” “How the hell did I get here?” These questions have been asked since the dawn of time, since the first time one man lent another man money. It seems like a simple enough thing for us to wrap our heads around – if you have a debt, you pay it off. Simple, right? Yes, but that doesn’t mean that it is easy. If it were easy, there wouldn’t be so many people still in debt. Let me tell you a story.
Phil’s fight with debt
Years ago, there was a guy I knew named Phil. When he was nineteen, Phil worked in a furniture warehouse making OK money and doing fairly well for himself. He received a pre-approved credit card application in the mail one day. He didn’t really think anything of it. He just threw it away with all the other junk mail he got. Soon Phil started getting more and more of these applications. They were