How to pay off my debts by mintchip

"Being debt free is so liberating. Having good credit is invaluable, and there's nothing like qualifying for 0% interest on a car!"

How I did it: Today I officially payed of my student loan, and all my credit card balances are at zero!  Aside from my loan I never really had major debt to begin with.  I did not take out any credit cards in college, knowing what a slippery slope that could be.  I actually did have bad credit for a time from identity theft, so I had a taste of how bad things are with a low credit score.  Fortunately I was able to resolve the situation with a lawsuit and my good credit was restored.  Having good credit has lots of perks like low interest rates, high spending limits, and no interest for a year offers.  

Lessons & tips: You have to be responsible.  Having a budget, keeping track of my spending, and balancing my checkbook are all habits I practice.

Discipline yourself.  I work for myself and pay my own taxes so I HAD to make it a habit to have my checks deposited to my business account first and then pay myself the after tax balance, just as you receive your paycheck with the taxes taken out from an employer.  I have friends that freelance too and don't put away the tax money, which leads to a bad situation come tax time.


11 people found this helpful
 

Nov 11, 2008, 07:37PM PST | 1 comment | 11 cheers


Comments:

thiagoricieri is getting ready to finish some things until end of the year

Discipline is the hardest part for me :P

Oct 24, 05:55PM PDT | Respond to this


mintchip has gotten 11 cheers on this entry.

 

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