America is a nation entrenched in debt. Consumers hold over $11 trillion in total outstanding debt, with approximately $1 trillion of that made up of student loans. In fact, Americans hold more debt in student loans than they do credit cards and auto loans. The average student debt load is $34,703, while the average for credit cards is $7,194. With so much debt, it will take a strong effort to build a plan and pay down bills and loans: Enter The Debt Movement.
What is the Debt Movement?
The Debt Movement is a lifestyle movement started by Jeff Rose, a certified financial planner and owner of the Good Financial Cents blog. He has partnered with the debt-reduction site ReadyForZero to encourage consumers to pay off $10 million of debt in 90 days.
Anyone can sign up for free and get a personalized debt-reduction plan. The ReadyForZero application will help you track your progress and teach how you can pay down your debt faster. Additionally, The Debt Movement features educational resources and forums that can help you improve your financial literacy and develop your own unique strategy to pay down your debt. You can connect with others in the forum to find encouragement and motivation, as well as tricks and tips.
Win a Scholarship!
NerdScholar is proud to be a Gold Sponsor of The Debt Movement and funder of a Debt Scholarship. Everyone benefits from a bit of an incentive right? And what better way to benefit from improving your personal finances than earning more money! The Debt Scholarship will be awarded based on applicants’ transparency and willingness to tackle their debt situation head on. The more you engage in the Movement and save, the better your chances! Here’s how to apply:
Step 1: Apply - Complete the Debt Scholarship Application. Applicants will have until February 15th to complete the Debt Scholarship Application.
Step 2: Sign Up for The Debt Movement Newsletter – You will need to submit your email address so The Debt Movement team can contact you throughout the duration of the movement.
Step 3: Track Your Progress -
- At minimum The Debt Movement will send out a survey twice a month to see how your progress is doing. You are expected to be as honest about your progress as possible. Winners are not solely based on total debt paid off, but also the ability to show poise and determination through financial setbacks.
- Keep track of all your debt paid off. The easiest way is to use ReadyForZero. Why? It’s free! If you prefer not to, then you’ll be able to keep track of your progress through the bi-weekly survey.