Debt Be Gone!

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

Moderators: lvergon, Fiscal Fitness Moderator

Posts: 1
Joined: Thu Mar 15, 2012 10:12 pm

Debt Be Gone!

Postby Veritas » Thu Mar 15, 2012 10:59 pm

I don't remember when was the last time I was debt free. I got myself in trouble with credit cards when I was in college. I'm not anymore, because I have a job and am able to pay, but I was never able to completely paid them off. I almost paid off everything when I moved home and lived rent free for a couple of years, but when I moved out, I started racking up the CC bills again. I got into a bad habit of buying expensive stuff when I'm stressed out. I tried so many times to do the snowball method and then give up. This time I really REALLY want to get rid my my CC debt. I'm just so sick of them. I'm so sick of seeing how much money I wasted paying the interest. I'm hoping that this forum will help me stay motivated on this journey to pay off my debt.

As of 03/15/12:
Amex: $3,926.82
Visa: $3,769.72
MC1: $6,862.02
MC2: $10,141.01
Total: $24,699.57

Posts: 1979
Joined: Tue Mar 11, 2008 12:19 pm
Location: Ottawa, Canada

Re: Debt Be Gone!

Postby kombat » Fri Mar 16, 2012 4:59 am

You say you used your cards to buy "expensive stuff." That's great - can you sell any of those things now, to use the money to pay down your debt faster?

Posts: 236
Joined: Mon Aug 08, 2011 9:13 pm
Location: Brisbane, Australia

Re: Debt Be Gone!

Postby geoff_tewierik » Sun Mar 18, 2012 3:45 pm

Also, what are the interest rates on those cards?

You can either aim to pay them off from highest interest to lowest, highest balance to lowest or lowest balance to highest, dependant on what kind of person you are (instant or delayed gratification), it'll depend which method you use.

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