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11 months ago
I have bi-weekly automatic withdrawls coming out of my account. I will put on extra as i recieve spontaneous income for whatever reason.
People who have done this
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How to pay off my line of credit
It made me
Very happy
 "Finally!"
How I did it: The first dent I've made in my student loan debt, my student line of credit. Put myself on a budget and stuck to it! Did some overtime to get it paid off that much sooner. Now onto my car and my other student loan! |
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More "How I Did It" stories
It made me
proud of myself
How I did it: My line of credit was maxed out at $15,000. I was just married, and after the honeymoon, I realized that I needed to become realistic about my debts and spending. I put everything I had from my paycheque, after living expenses and $100 of personal allowance money, into paying off the line of credit. We budgeted my husband's income to accommodate our mortgage and extra expenses. It felt very slow-going at times, but… Read how I did it…
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One payment left
15 months ago
My line of credit was maxed out at $15,000 in June, 2006, from frivolous spending during college and then funding our wedding (which wasn’t that extravagant, but it was nice).
Thanks to my husband covering our household expenses, I have thrown all of my part-time income into paying this debt off. (We have a 1-year-old now, so I can’t work full-time anymore.)
Current balance: $360.
I hope to make my final payment in the next few weeks, once my cheque arrives. It feels very good to see my balance close to disappearing. :)
$6500 to go (ouch)
2 years ago
I have one of those line of credit accounts that provides you with a debit card, so you’re oh-so-tempted to purchase everything you see..
..which is exactly what I did! I put all sorts of clothes, moving expenses, furniture and just junk onto that card and now it is in debt by a massive $6,500. The interest rate on it is an obscene 17% and so the minimum payment amounts just get eaten up in interest.
I am now paying it off at $60 a week which is above the minimum payment, so I should see some improvement within a month.. I no longer use the card for any purchases which is by far the biggest step :)
well, in november i changed my line of credit to a loan, and my first payment was at the end of the month. i took out a loan for $8900 which, is amazing for 2 years of school. it was originally more, but we moved $3500 from my school fund over, like planned. right now, i owe $8,297.30 which is still pretty good. i’m paying about $178.00 a month and i’d really like to contribute more, and my dad is really on me to put more against it too, but i really don’t think we have the money to do that. so, right now we’ll stick with how it is.
possible.
3 years ago
it is possible i might be able to pay off at least half of my line of credit upon graduating. via money from my parent’s education savings that i never used, it’s supposed to be for a car now, but $3700+ off my line of credit would be great! and it would save me money in the end by lowering my interest every month. we also have $1100 in the bank, for payments and emergency money. and then my tax money for last year, and the year before [my dad just…didn’t do them :S] are both going towards it. stuff’s looking good for this goal.
