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get out of credit card debt


 

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la lori is feeling enpowered!

Feels sooooo darn good! 6 days ago

So I have two of my MANY credit cards totally and completely paid off and I couldn’t be more estatic about it. I only have a little more to go on most of them and two of them are still pretty huge. Slow and steady has been working out just fine in this situation and I plan to continue on my path to becomming and staying debt free.

I did my exit counseling for my student loan and won’t have to start paying that back until September SO I am socking away some cash in my savings for that and my upcoming car insurance that is due in August. Saving I need to work on some more but paying things on time I have down pat!

FEELS SOOOOOO GOOD!



AwakenMe love, wisdom, creativity

As soon as I get a damn job 3 weeks ago

I plan to start doing this. It bothers me all the time. I plan to pay them off and get rid of one. Getting a second one was a big mistake though at the time I had no money after losing my purse with money for rent since I had lost my check book. It had to get paid somehow, but still. Credit cards are evil in my eyes now. It was to easy for me to get carried away, I never thought it would be this hard for me to get a job after my other one ended. Should also start considering a savings account!



10 points of how I am getting out of my debt. 4 weeks ago

A few months back I said to myself, this can’t go like this. Bills of $10,000 on my 2 credit cards and no money in the bank. I do have a decent job but I had no discipline in regards to money management. I can tell you that being in debt and missing discipline spills over in every part of your life. It’s like sickness that will make you unsuccessful everywhere, from work, to dating to health etc..

The first thing I realized is that I am like a child when it comes to spending. Immature and I set myself a few goals a few months back. So far it shows good results.

So here are things I did so far to reduce my debt to half and falling down… This is not a product of my genius, I just collected information available from various sources. But hope it helps:

1) Pay ONLY CASH for purchases (forget credit card for day-to-day purchases, and don’t do large purchases when there is no money). Cash is the king.

2) Stop that “pay-check-to-paycheck” attitude. You have to LIVE AT LESS than what you can earn. Even if it is just 1 dollar less. But you have to do it, it is psychological.

3) Start investing for retirement (start with simple savings account and put monthly payment there). This is again more psychological than technical.

4) Make your money WORK. Set some expectations for your money and check on monthly basis if those expectations have been met (=your net worth must go up every month, even if it is just 1 dollar).

5) You must have a budget that you set month IN ADVANCE. If you need to pay by credit card, then PREPAY IT. It’s easy to do. With most credit card companies there is not a problem to put more money on your credit card than required. You can even keep a POSITIVE BALANCE every month and use the card till you used up that balance and reach 0. Your credit card company will be happy. Since you are giving them free money in their pocket. Again, you don’t need to do that, but it really helps! Try it.

6) Be disciplined. Don’t let your credit card company chase you down like a 5 year old. Man up (or woman up) and have a good attitude so you can be proud for yourself. Don’t avoid looking at that bank account or credit card statement every day. Face it.

7) Give every dollar a JOB. I mean a function, so every time you purchase something, set the expectations for every dollar. Don’t just get your money to go away like if you flush down the toilet.

8) sign up for some online financial and budgeting tools like Yodlee MoneyCente or Quicken Online. Both are free. Have a joy doing this every day.

9) Don’t be afraid to TELL people in conversation that you are in debt and are working to get out of it. This is psychological. The right friends will understand it and even help you out. People who won’t understand it are not your friends.

10) Don’t forget to donate! This has again psychological effect. But I don’t mean shelling out money to someone who has same problems as you. This won’t help them. You have to give your money a job. So select a good cause for donating. In addition to that – donating is not only money, it can be your time. Donate your time. By helping others to change their lives you help yourself.

(P.S. If it helps you, you can cut that credit card in half.)



la lori is feeling enpowered!

I have a rough idea 2 months ago

that my total credit card debt is probably around $2,000. I was figuring on it being more but thankfully I am moving back home with my parents starting June 1st so all the money I was spending on my rent, food, utilizies, ect. I can put towards this. Though now I’ve incurred more debt due to stopping going to college but that loan is $3,500 and I hope to pay that off as quickly as possible as well. My first payments towards that also won’t be an issue until the fall, probably around August when the new semester starts, so I have time before I have to worry about that.

Moving home is def going to help in accomplishing this goal and getting it out of the way. I really need to focus on putting all that money into the bills and not into partying and dinners! I have a very bad spending habit that I had in check until last week. Time to get back on track and erase this debt asap!



NateHowe is working on WhyAmIaMormon.com

Getting there. 3 months ago

Hopefully within the next month or two. I can’t wait. I’m going to convert this to a different, better financial goal as soon as it’s paid off.



la lori is feeling enpowered!

Kicking some major butt with this goal! 4 months ago

It is such a pleasure now to recieve my credit card statements in the mail each month and see the total due going down! I do not cringe any longer on that walk to the mailbox for fear of what might be lurking in there. My credit cards are still frozen in my ice block and I honestly do not miss them. Actually, ironically, since I’ve frozen them I’ve not wanted for money at all! I keep getting unexpected money in my bank account that is helping me not only pay all my bills on time, usually earlier then the due date, BUT I can actually buy extras. This weekend I blew some money in MAC Cosmetics and did not feel bad about it because it was on my debit card. I am quite proud of myself and never thought I’d live to see the day I didn’t panic when I couldn’t use my plastic. ^5 to me!



Its so gonna happen 5 months ago

I am so getting myself out of my credit card debt…$5000 worth by September I’m setting the goal and sticking to it….no using them….no matter whaT!!



la lori is feeling enpowered!

My credit is improving! 5 months ago

So my credit cards are still frozen in my freezer and I haven’t purchased anything online with them, I am actually being a good girl and following the rules I’ve set for myself. So it just figures that this would happen now! I got a letter in the mail this past week stating that they’ve upped my available balance on one of my credit cards! I am pleased because this actually means my credit is improving but what a tease! No reason to be alarmed though, I didn’t grab the block of ice and start chipping away. I’ve actually managed to have a excess amount of cash in my checking account every week for the past month because now I am really thinking about each and every purchase and not just slapping down the plastic.



Michelle (Power Of Frisky) is catching up on her 43things

On the road to recovery... 6 months ago

Alright so I started back at my job full time and cannot wait to start paying off my debt! I know I can do it… I worked on my budget this week to figure out how much I can pay towards the debt while still paying my current bills. So far looking pretty good. I have decided that if I can find a job in West Palm Beach or in the near county that is the equivalent to what I make now I will move out there sooner. I don’t know if that will happen but its never too soon to start looking for work especially right now. :)

My last paycheck of this month will be the first one which I will be able to pay off a chunk of my cards which I am looking forward to. I’ve already set in my mind to start making my lunch and breakfast at home and starting hopefully next week to cook at home… eating out is getting old and expensive. :)



la lori is feeling enpowered!

YAY for lowered APR's!!! 6 months ago

I struck out quite a few times yesterday in dealing with my credit card companies and trying to get them to lower the APR’s. I did however win big with Capital One which had the highest APR of all the cards I own. Though they are still frozen in big block of ice that is not an excuse to pay high interest on what I already owe. Capital One worked with me and got my APR down to the national average and I couldn’t be more thrilled!!!



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