Debt club

A debt club, also known as a money group is a group of individuals who meet on a regular basis for the purpose of helping each other to reduce their debt.

Club members share money-saving techniques, financial planning advice, dealing with credit card debt and how to improve credit scores.

Debt clubs are similar to investment clubs in that regular individuals get together to help each other by sharing advice and personal experiences. Unlike some investment clubs, debt clubs do not involve sharing money between members, and therefore involve much less risk, if any.

Like most clubs, members gain the support of being part of a group of like-minded individuals with a common goal. Debt club members help to motivate each other and are often more effective than when they try to go it alone.

Managing debt is often undertaken only when it has reached a crisis, as many people regard financial planning as complex and beyond the average person's abilities. Many self-help books attempt to teach basic techniques to help people get out of debt or avoid going into debt in the first place. Oprah Winfrey has popularized this idea through the eight-step Debt Diet presented on her television series.

External links


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Debt relief — is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and… …   Wikipedia

  • debt — W2S2 [det] n [Date: 1200 1300; : Old French; Origin: dette, from Latin debitum, from debere to owe ] 1.) a sum of money that a person or organization owes debt of ▪ This over ambitious strategy has saddled them with debts of around $3,000,000.… …   Dictionary of contemporary English

  • Club De Paris — Le Club de Paris est un groupe informel de créanciers publics (19 pays développés en sont membres permanents) qui a pour but de trouver des solutions coordonnées et durables aux difficultés de paiements de nations endettées. Ce forum a été créé… …   Wikipédia en Français

  • Club de Pescadores — Club de Pescadores, Buenos Aires, Argentina. The Club de Pescadores (Spanish: Fisherman s Club) is situated on the banks of the Río de la Plata in Costanera Norte Avenue, Buenos Aires, Argentina. The Club was founded in 1903 on an old pier built… …   Wikipedia

  • Club De Londres — Le Club de Londres est un groupe informel de créanciers bancaires privés qui s occupe de dettes publiques. Bien qu inspiré du Club de Paris, il préfère reéchelonner les dettes. Sa première rencontre eut lieu en 1976 pour tenter de résoudre les… …   Wikipédia en Français

  • Club Atlético Independiente — Independiente Full name Club Atlético Independiente Nickname(s) El Rojo (The Red) Los Diablos Rojos de Avellaneda (Avellaneda s Red Devils) El Rey de Copas (The King of Cup …   Wikipedia

  • Debt of developing countries — The debt of developing countries is external debt incurred by governments of developing countries, generally in quantities beyond the governments political ability to repay. Unpayable debt is a term used to describe external debt when the… …   Wikipedia

  • Club Atlético Banfield — Banfield Full name Club Atlético Banfield Nickname(s) El Taladro (The Drill) Founded 21 January 1896 …   Wikipedia

  • Club de Paris — Le Club de Paris est un groupe informel de créanciers publics (19 pays développés en sont membres permanents) qui a pour but de trouver des solutions coordonnées et durables aux difficultés de paiements de nations endettées. Ce forum a été créé… …   Wikipédia en Français

  • Club Atlético River Plate — For other uses, see River Plate (disambiguation). River Plate Full name Club Atlético River Plate Nickname(s) Los Millonarios (The Millionaires) El Millo (T …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.