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pay off my credit cards


 

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How to pay off my credit cards



More "How I Did It" stories

It took me
9 years
It made me
more secure


mishsofresh is working on it... all ;)

It took me
2 years
It made me
ecstatic!


handheldheidi feels wanted.

It took me
6 months
It made me
feel relief.


atinygoat remembered that she does not really like sweets.

It took me
6 months
It made me
less in debt!


It took me
6 months
It made me
feel great


See all 16 "How I did it" stories

Entries

lejaders is painfully bored!

Untitled 6 days ago

I am currently awaiting approval for a consolidation loan.



Mint 1 week ago

I joined mint.com at my boyfriend’s behest. OMG, it was scary to have all of your finances staring back at you. I have sat down with my mint account some, and have made budgets for a number of categories. I’m going to see how I spend for the next few months and then I will make adjustments as needed. This is my FIRST step in becoming debt free…go me!



Ed Wynn deciding to lose 35more pounds

two by 2010 1 week ago

I will have 2 paid off by January !
then the two big ones will be in my sights



Untitled 4 weeks ago

I have a lot of debt, I have a large student loan to repay, as well as 5 lines of credit, one of which is not a card and is very small so I will not count it here. This goal will deal with my four credit cards.

I have already made some progress. I have closed one of my card accounts and am fairly close to having it paid off for good. I need to close down one of my other credit card accounts, and pay it off as well. And I also need to pay off the other two which I will keep open. The hardest part of this goal will be to stop using the two that I am keeping in the same way that I have been (carrying a balance, using them for things I don’t absolutely need).

I’ll track my progress here.

Credit cards paid off: 0/4



kendramichelle is studying

Early 1 month ago

I paid my credit card bill earlier this month. Even so I am planning to put more down in a few days.



Untitled 1 month ago

I’m almost there! I now have more than enough in my checking account to pay off my last remaining credit card.



tinysarah is keeping her options open.

Woot! #2 2 months ago

Made my second $340 payment! I am feeling really great about sticking to a plan – and it’s nice to see some available credit on my higher limit cards!

I also sat down and figured out a budget for the next 8 months – based on several different scenarios. I am between contract work at the moment, and with the possibility of more school looming, I wanted a concrete plan – no matter the outcome. It was time consuming, but well worth doing. I now have a clearer picture of how much I need to net per month in order to pay for school, pay down my credit cards, and sock a bit away in savings.

Feeling great about this goal so far!



oh_geez is smiling.

August 25 2 months ago

I must say I’ve been doing very well paying my credit card bills in the last couple months. Let’s hope I can keep it up!

Here is my new rule: I cannot use my smallest card ($200) at all until I pay the entire thing off. I cannot use my next smallest card ($750) until I have the balance down to 1/4 of the credit limit.



9 months 2 months ago

Yes, I still have debt after 2 years. It’s all down to the Premiere Miles card now and I hope to clear it soon. At the rate I’m going, if I pay as I’m paying now and not use this card anymore, I will be debt-free in 9 months. I want to think of these 9 months as conceiving and preparing for a whole new life all together. After this, I will cancel my cards and never ever swipe plastic unless I’m buying air tickets.

9 months. Help me focus and reach this goal, dear Universe.



Untitled 2 months ago

So I racked up a fair amount of debt enjoying myself and about a year ago realised that it wasn’t going to end well if I kept on spending! I have begun paying down my debts and hope to have paid off all my credit cards by the end of 2009.

Priorities and tips:
- Pay down high interest cards first (not only does this save more, but paying off a whole card gives a better feeling than paying down bits of many)
- Transfer high interest balances to interest free deals (credit is fine, as long as you are getting a good rate! Be aware of the impact of the transfer fee. Interest free for 6 months with a 3.5% transfer fee is not necessarily a good idea!)
- Use credit wisely and aim to pay off in full each month. Budget before any big spends
- Use cash only for small items – it’s easy to build up your debt by using your card on small items as you think it is not hurting your balance. The £10 here or there on drinks or food makes a big difference at the end of the month.

So, I have just over £4k to go but have transferred £2k to interest fee for 12 months and the rest has a fixed rate of 8.9%. I should clear that by November so at least it is interest free from there. Would be great to start 2010 with a clean slate!



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