Yippie Skippie! I paid off my credit card debt. I got hyper focused and haven’t spent any extra money; putting it all toward my debt. It helped that I have another side gig that gives me residual income as well besides my regular job. I’m looking to build my “side gig.” I love residual income, it is one of the best ways to build on wealth. I help others to do the same thing. Paying off credit cards takes hyper focus. Its not really “rocket science” its more discipline than anything. I’d love to hear how others are doing at their credit card debt relief.
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Congratulations! NO CC debt for me but I am looking at increasing my savings. Occasionally I will take a pay period or a month and do ‘no spend’. Now I am a decent budgeter, but there is always somewhere that can be cut back for a time. I eat from my cupboards and clean out the fridge, no personal spending, etc. And that money goes to savings.
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Congratulations! NO CC debt for me but I am looking at increasing my savings. Occasionally I will take a pay period or a month and do ‘no spend’. Now I am a decent budgeter, but there is always somewhere that can be cut back for a time. I eat from my cupboards and clean out the fridge, no personal spending, etc. And that money goes to savings.
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Congratulations! I wish I could say that I have no credit card debt and be telling the truth!? Anyhow, as financial experts advise, get rid of your credit card debt before you retire if at all possible. On the bright side though, I’m slowly paying it down.
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Learning to manage credit cards is not always an easy feat. Well done! For the first 10 years or so of our marriage we leaned on credit cards quite a bit. Not always for necessities. We always had the attitude that we want it now and we will worry about the payment later. The highest we ever got was about 8k. That was our low point and triggered us to make change. We paid everything off and got tight about our spending. If we wanted it and it wasn’t a real need, we just didn’t get it until we could cash our way to it. Half the time, when we had the money saved up to get it, we ended up not wanting it anyway. Really helped kill those impulse buys. Now we only use CC’s if we pay it off right away. I have a couple of really good cash back cards that we use for our dailys, then pay it off the next day directly from checking. Earn cash back, pay zero to the CC company.
My wife and I cut up our credit cards and paid everything off in preparation to buy our home. We had a small budget and the banks and realtors recommended that as a first step in saving for a down payment.
I’m working on paying off 2 credit cards right now - the one is around $400 for a Dell computer I bought. That one should be paid off by the end of the year (I pay $47 per month).
My main credit card is a Mastercard, and I am working diligently on that, throwing every spare penny that I can in that direction. It’s working, but I still have a little ways to go. I’ll be so happy when it’s under $1,000 - I’m almost there!
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You might check with your bank or credit union to see if you could borrow the $1400 at a much lower interest rate than the 20 percent (more or less) that you’re paying now. (Tip: apply for a loan, not a line of credit). Then pay off the loan, cut up your credit cards and be done with it!
