This morning I was browsing on MSN.com and stumbled on an interesting forum about money and personal finance there. This specific forum got my attention because of the name, “The Women in Red Racers.” The ‘racers’ apparently is a group of women in the Women In Red Forum who focus on ‘racing’ to get out of debt.

The women help and support each other to get out of debt using this simple method that all members of the forum partake:

• Each member is to calculate how much money they owe, down to the penny.
• The debts that the members are planning to pay off are to be shared on the board with all the other members. If you consider joining this forum make sure you don’t use your real name to protect your privacy.
• Each member is to keep a record of how much money is paid towards their debt every month. They are also encouraged to record any setbacks they may experience.
• Everybody may ask for debt elimination advice, money saving tips, money management  advice and/ or give advice to others. This will encourage each member in their fight against their debt, knowing that they are all in this fight together.

Many of the members there have manged to pay off their debt within only a few years, without any help from any debt consolidation companies. One of the members there even paid off her $15,350.20 in credit card debt within a year after joining the forum! The forum helped her to become focus, organized and get as much support and encouragement as she can get from other members.

Many successful Racers of the forum shared in the board that the biggest difference in their financial lives was made by continuously tracking their spending.

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