GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Sat Apr 19, 2014 9:08 am




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: College Debt
PostPosted: Thu Oct 18, 2007 3:51 pm 

Joined: Thu Oct 18, 2007 3:49 pm
Posts: 1
I’ve never been REALLY in trouble financially. I mean, there are months when my bank balance is lower than it should be, but all in all, I’ve always been pretty happy with my finances. I was just really worried when I got out of college because I had a small amount of credit card debt. Fortunately I never had to take out a student loan because my parents did a good job planning for my education.

About six months after graduating college, I realized that I was wasting a lot of my pay on credit card interest. I was in a minimum wage paying job at that point and had to come up with a good plan to eliminate whatever debt I had. It was then that I learned about the concept of the “debt snowball.”

You see, I used to just pay my credit card minimum payment, which fluctuated month-to-month. However, after reading several articles, I learned that if I just dedicate a set amount of money every month to paying off debt and never change that amount, eventually my debt will be paid off quicker than I could ever imagine.

It literally took me only 9 months to wipe out my credit card debt. I also learned how to live a more frugal lifestyle to prevent this from happening again. I don’t use any sort of budget and am very laid back with my finances. But I still am very aware of what I’m spending each month and adjust accordingly. I would say that I’m happier now than ever before.


Top
Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ]  Moderators: kombat, bpgui, JerichoHill, Fiscal Fitness Moderator


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki