28 people want to do this. 1 person made it a 2010 resolution.

get completely out of debt


 

How to get completely out of debt by honeyblack

"Owning everything you have and owing nothing--priceless."

How I did it: I lived in a studio apartment when my husband and I first got married, and we stuck it out as long as possible.  Eventually we upgraded to the smallest one bedroom, and we resisted buying a bunch of furniture, just accepted hand me downs from family and coworkers, etc.  We made minimum payments on the debts with the lowest interest and worked on whittling down the big ones.  Once the first big debt was paid (my student loan), we were shocked at how quickly the rest went because everything we had previously been paying toward the loan could now go towards credit cards.  We didn't live like total monks, but we definitely had a budget and tried to stick with it as much as possible.  I also had the luxury of getting a no interest loan from my Mom to pay off my credit card with the highest interest. 

Resources: The library is the best resource ever!  I used to waste a lot of money on books, cds, dvds--not any more.  You may have to wait a little longer for it, but it's completely free and the late fees are a lot cheaper than Blockbuster!


2 people found this helpful
 

Apr 17, 05:06PM PDT | 1 comment | 2 cheers


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    MarsSoup

    Untitled 3 years ago

    We’re currently living with my parents in part to reach this goal. Our final car payment was made on October 6th and we now have the pink slip in hand (I don’t believe I’ve ever seen one before!). However, we are up to our eyeballs in credit card debt.

    Oct 17, 2006, 11:31AM PDT | 1 cheer | 2 comments


    tinagirl26

    Untitled 3 years ago

    We’re down to a mortgage, a HELOC, a car loan, and a few thousand on one credit card. Sounds like a lot, but for us this is progress!!

    Oct 17, 2006, 11:20AM PDT | 1 cheer | 1 comment


    Kavalier

    3 Down, 2 To Go 3 years ago

    I was able to pay off all the credit cards using my annual bonus this year. I now have 1 more ‘bad’ debt that I plan to have paid off by next spring and that will leave just the car loan.

    Aug 03, 2006, 11:27AM PDT | 1 cheer | 0 comments



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