Untitled
3 weeks ago
I owe $2,630.68 but this is down from $10,000…
How to pay off all of my debt
It made me
feel liberated! 
"Really opening my eyes by crunching the numbers and looking at the bottom line motivated me to throw every cent I had at my debt."
How I did it: I downloaded an Excel spreadsheet that let me plug in numbers: of balances and interest rates for every card, tinker with which one to prioritize. It really made a big difference to see that bottom line (total interest I'll pay over the life of the debt) go down, lower and lower, if I put the lower-interest cards on minimum autopay and throw as much money as possible at the highest interest loan.
I also took the big step of moving my educational loans, which had a very high rate of interest, onto a line of credit on one of my cards, that was offering me a very low rate of interest. It was scary, because I lost the fallback of being able to defer it, if necessary. But it turned out to be fine. I was able to pay it off and I saved THOUSANDS by doing that.
Lessons & tips: Pay the minimum on all but the loan/debt/credit card that charges you the highest interest. Period. That will get you there the fastest. If you don't believe me, get the spreadsheet and run the numbers yourself. Pay attention to the rate you're ACTUALLY paying, not the expired promotional rate you started out with.
If you're one of those who wants to start with the smallest balance first, it helps to put all but the highest interest cards on autopay at minimum. It helps to focus on one card at a time; then you can be rational, instead of emotional, about which one to prioritize.
Resources: The spreadsheet. Get it! See my earlier entries if you can't locate it on the Web through Google.
People doing this are also doing these things:
Entries
looking better
3 months ago
Things are looking much better now. We have no more credit card debt! So just two car loans and a mortgage…. We are trying to decide right now about paying off my car completely to improve our credit score.
KRodgers81 is an Extroverted Self Knowing Reinventor
Just started and seeing progress
4 months ago
I just put into motion a plan to eliminate my debt. I have paid off several of my outstanding bills, most of which are medical. It sould only be another couple of months before I have them all paid off and I can start fattening up my savings account!
personal debt done, partner debt to go
7 months ago
I just put in my final payment for the last credit card I had to pay off. I feel really damn good about that.
I still have my rewards credit card on which I put almost all my spending, but this acts like a debit card since I pay it immediately and don’t rack up interest. This way I earn rewards for things I would be paying for anyway such as groceries. I do not recommend this method of living for anyone who has not gotten a handle on their spending patterns.
My spending/saving patterns aren’t where they should be yet. I could have paid off all this debt a lot faster if I had curbed my spending even more, sold more of my stuff, recycled more, and travelled less. But I’m happy with the progress thus far.
Now that my personal debt is gone in my mind, it’s time to work on the partner debt. This would be things bought together with your partner but were not in your name so it’s not “your debt” it’s “their debt”. Now I have to adopt the mindframe of “our debt” and tackle it, even things given to me as gifts. Oh and building a nice savings to fall back on wouldn’t be a bad thing either.
Sam is starting a new chapter of her life.
Untitled
8 months ago
down to 823.
Im doing about 100 every two weeks.
I want to be down to 500 by Christmas.
Sam is starting a new chapter of her life.
Getting there
9 months ago
Paid my dad 100 dollars this week.
were at $923 now. Thank god Im not over 1000 any more.
I was going to pay 50 this up coming week but my employer and I decided we can go bi weekly in my pay cheques so Im not going to get paid for 2 weeks after this up coming pay cheque.
And I have to buy my go card and bus pass this next week.
I think I will give him the 23.
atleast thats something.
Im getting there :)
-Sam
weighing me down
9 months ago
If I could do anything it would be to lose 20k in credit debt and 50lbs. I think I have “eaten and spent” to cover unhappiness in other areas of my life. I will do it and it may take some time but unless I have settled for this “life for rent” I need to do it soon…
Sam is starting a new chapter of her life.
I owe my dad $1000
9 months ago
This amount has gone up and down over the last year but Im determined to have it go all the way down to $0 once and for all!
Lindy is wanting something different
Everything payed off by December?
10 months ago
After a long talk with my Dad I think I’ve figured out how to pay off most of my debt by December… The only thing that is standing in my way is my damn car. I have to get it smogged and registered, however I am not sure if it will pass the smog which means it will cost a lot of money to fix the actual problem of my poor car.
Besides my car, I figure that if I put away $200 from each paycheck each week toward my bigger bills (which doesnt leave me much left over)and just pay the minimums on my smaller bills, then I should have at least my bigger bills paid off by December!
FINGERS CROSSED!
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keisha12 asks,
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