When is ignoring debt a good idea? Never.  What about blaming others for a debt? Never.   A buddy of mine called me today under the guise that he had a legal question.  So being the good friend that I am, I said shoot.

Turns out he went to a lender for promises of a personal loan which would consolidate his outstanding debt at a lower rate.  Well, since I am writing this post you can guess it didn’t really work out for him!  In the end the lender offered him about one-third of what he was looking for at a very high interest rate in the teens.

After telling him how the Federal Trade Commission and Better Business Bureau might help, if they weren’t busy with people that were actually defrauded, I said lets talk about the real problem.  He was really light on details and I wasn’t willing to really go deep in his situation because to be honest it makes me feel uncomfortable talking about this stuff with buddies, which is why I am grateful that there are readers out there who will engage in discussions of money with me here.

Once I discovered his real anger, i.e. he has a good amount of debt, the conversation turned from how do I blame someone else to how do we fix it.  I then talked with about how The Wife and I made a Plan and I told him I would forward him the spreadsheet I used for the first 12 months of this blog (i.e. until I was free of all consumer debt).

It isn’t a simple budget, but rather a crazy sophisticated Debt Snowball vs Debt Avalanche Excel Spreadsheet which is HIGHLY customizable and easy to use.  Oh and it is free.

I am no where near perfect, I am not frugal enough, I still have a ton of debt (split between student loans, auto loan and a mortgage), but if I can help a buddy, why wouldn’t I?

Note:  After reading back my post, I noticed that the conversation sounded way deeper than it was!  No one cried and we didn’t “hug it out” it was a quickie conversation, where I provided info that he may or may not use (as of writing this I never got a thank you email back, so we’ll see).

What resource did you use to get out of debt? Are you in debt and needed this spreadsheet? Need help using it?