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:
“I have been told, that in some public discourses of mine my reverence for the intellect has made me unjustly cold to the personal relations. But now I almost shrink at the remembrance of such disparaging words. For persons are love’s world, and the coldest philosopher cannot recount the debt of the young soul wandering here in nature to the power of love, without being tempted to unsay, as treasonable to nature, aught derogatory to the social instincts.”
—Ralph Waldo Emerson (1803–1882)
“In another year I’ll have enough money saved. Then I’m gonna go back to my hometown in Oregon and I’m gonna build a house for my mother and myself. And join the country club and take up golf. And I’ll meet the proper man with the proper position. And I’ll make a proper wife who can run a proper home and raise proper children. And I’ll be happy, because when you’re proper, you’re safe.”
—Daniel Taradash (b. 1913)