You know how soul-sucking it can be to face your debt, much less try to pay it off. Some days I think it would be easier to just retire to a hidden island, adopt a new name, and live off of bartering shells and coconuts for the rest of my life (BTW; my new name would totally be Queen Anna McKraken…the 3rd).
That’s why I was so excited when I heard about a new program from a fellow blogger who just recently made her way out of debt (w00t!). Pretty much everyone feels shameful and alone while in debt (and not like the time you accidentally hiked up your dress on stage to itch your butt in the 2nd grade school play…oops…), and let’s be honest, it sucks big time.
Melanie from Dear Debt also knows those feelings well, and just after paying off over $80,000 of debt herself, she decided to do something to help ease the pain a little bit for the rest of us.
I had to find out more about this awesome program, so I decided to ask her a few questions.
What is #DebtDrop?
#DebtDrop is a project of the Rockstar Community Fund that provides financial assistance to help people pay off debt. J. Money and I started giving money to my blog readers last year, but we decided to make it even bigger and better with #DebtDrop.
#DebtDrop engages the personal finance community — we’ve had additional donations from them and nominations for recipients as well.
What gave you the idea to start #DebtDrop?
After I paid off my debt in December 2015, I wanted a way to give back. My blog changed my life and in many ways saved my life. So I started donating $50 per month toward a blog reader struggling with debt. J. Money loved the idea when he heard about it and started matching my contributions shortly after.
We decided to launch it in early 2017 as #DebtDrop and engage the personal finance community. Now, it’s more than me and my readers. It’s about helping the community at large and galvanizing the personal finance community to give, nominate and do some good.
How do you select recipients?
Since #DebtDrop launched, we’ve been taking nominations from the personal finance community. J. Money and I look over the candidates’ situations and determine who could benefit the most from our contribution. We know it’s not a lot (typically $50-$100), but from our experience we see that it makes a difference. It gives people hope. Some of these people are in dire situations, feeling hopeless about their debt. Like there’s no way out. We show them someone cares.
How can people help this project?
We’re always looking for nominations and of course donations, too. If people want to get involved, they can email me at debtdrop at rockstarfinance dot com and nominate someone. If they would like to make a donation, they can go to this page and let us know it’s earmarked for #DebtDrop.
(FYI: We are not a 501(c)(3) charity, but just a group of people trying to do some good. There are no tax benefits from giving to our project.)
What is your favorite kind of animal and why?
Without a doubt, a cat. I love cats! Sadly, I don’t have one as I travel a lot and I’m still hesitant to invest in one after becoming debt-free. I love cats because they’re curious, playful, independent, and they have their own personality. And they’re cute as hell. What’s not to love? 🙂
What are your future plans for #DebtDrop?
Our goal is to grow #DebtDrop. It’s not just me or my story, or about J. Money (who is a celebrity in his own right). It’s about the community and gathering support. In our ideal world, we get a bunch of personal finance bloggers together and pay off some serious debt. We get sponsors who want to support it and we can do bigger and better things. Ultimately, we really want to pay off people’s debt — and of course empower them with financial tools and resources to get back on track.
That sure sounds like an awesome goal to me! You can check out more about #DebtDrop here. And, please share this by clicking on the Share buttons below. Let’s spread the word!
What do you think about #DebtDrop? Leave a comment below!
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