and always with the debt I had excuses … school, worries about cash, telling myself I’d pay it off later—sometimes years later. It put it into an ugly tailspin, and now I can no longer justify having it.
I have a good job with a good salary. For the past six months I’ve set a heavy chunk of cash aside to pay it off and I set that aside even if it means denying myself things that I want that are really nice.
I also stopped paying for anything with credit cards. If I can’t afford to buy it in cash, I don’t buy it.
Finally, I came up with a payment plan and a budget (the website at cnn.com/money for personal finances really helped here).
Although I have always made my payments on time, the amount of my revolving debt has put a serious strain on my credit score. By my calculations, it is probably still going to take about 10 months to completely clear it out. In addition, I owe money to other things (parents, car loan, student loans) but since the interest is so much higher on this debt, this is where I am going to concentrate.
My reward for paying this off? Purchasing a new (and smaller) kitchen table.
Oct 26, 01:49PM PDT | 0 comments
Eliz67 is learning about social networking
I’ve been fooling myself for quite a bit about my debt, saying that since I’m in Grad school and I’ll pay it off when I get a job – yadda, yadda. It’s grown to about $8,000 now, and I’ve graduated without a job. Yipes! It’s not that I’ve been paying the minimum – but if I pay $500, I spend $600! Not on anything really, but on books, trinkets and meals out. I’ve been spending to deal with my fears and to not feel poor – but now I can’t afford a car to replace my minivan with 150,000 miles on it. It’s time to pay it all off, by hook or by crook.
Jan 17, 2009, 08:58PM PST | 0 comments
I have two credit cards. One is a $4,500 limit, the other is $13,000. Both are very close to being maxed out. In fact one is slightly over the limit lately with the latest plumber’s bill! I’m thinking of taking out a loan with my new credit union to pay both off and close out the high credit limit one. Then my goal is to pay off the one credit card on a monthly basis. I hate how they SUCK you in with the interest and finance charges and then the higher you allow your balance to go, all you can afford to pay on monthly is the interest alone and squat on the principle! I’ve learned my lesson and want out of this trap!
Jul 22, 2007, 09:42AM PDT | 0 comments
