Debt Blogs

One of the latest trends in America is to blog about your debts. Debt blogs are rapidly springing up as people who find themselves in debt post about their struggles in maintaining the credit card bills, loans and other finance. Typically, such blogs are not online begging letters but more of a way to let the debt blog author relieve themselves of the pressure, even guilt, that debts can sometimes create. Many authors feel that the blogging process helps instill discipline and discourage them from increasing their debt. A kind of online, debtors anonymous I suppose.

One popular debt blog is authored by a woman named Tricia, who posts to bloggingawaydebt.com. She describes why she blogs about her debts...

I’ve debated for some time whether to let others in on my financial life. After all, it is a very personal thing. I’m not proud to be in debt and I am rather ashamed. I shouldn’t have let things get as far as they have. Granted, I am not in debt as much as some others are; I do not have bill collectors knocking at my door. But I am very close to having that happen, and I have to do something about it.

I’ve decided to take all the steps that I need to take to finally become debt-free. I am going to use this blog to chart my progress as well as share information that I have learned along the way. I think debt is something that is crippling many of us. Once we get in debt, it is so hard to get out of.

I hope the information that you learn from me will help you become debt-free. Or, if you are free of debt, it will make you think twice before getting a credit card. There will be humor, there will be anger and I am sure some of my posts will be written with tears streaming down my face.

I'd be interested to hear about any UK debt blogs - please comment if you are aware of any.

i24 Credit Card

We've spotted that Morgan Stanley are promoting a new credit card called the i24 card that is very much targetted at the premium end of the card market. It comes with a whopping annual fee of £275 though they suggest that you get over £1,000 of benefits with the card.

Morgan Stanley are obviously targetting a particular market that is different from say the Mint Card or the Virgin Card but I'm not personally swayed by airport lounge benefits and the like in return for a £275 annual fee.