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.
Famous quotes containing the words debt and/or club:
“Good government cannot be found on the bargain-counter. We have seen samples of bargain-counter government in the past when low tax rates were secured by increasing the bonded debt for current expenses or refusing to keep our institutions up to the standard in repairs, extensions, equipment, and accommodations. I refuse, and the Republican Party refuses, to endorse that method of sham and shoddy economy.”
—Calvin Coolidge (1872–1933)
“The creation of “strong-minded” women, so-called, is due to the individualism of men, to the modern selfish and speculative spirit which absorbs everything within itself and leaves women nothing but self-assertion for their protection and support.”
—“Jennie June” Croly 1829–1901, U.S. founder of the woman’s club movement, journalist, author, editor. Demorest’s Illustrated Monthly and Mirror of Fashions, p. 44 (February 1870)