Author Topic: 1 credit card down, 1.5 years to go.  (Read 2191 times)

Offline “Mark”

  • Dedicated Contributor
  • ******
  • Posts: 1382
  • Karma: 57
  • Freedom lovin' Canadian
1 credit card down, 1.5 years to go.
« on: February 09, 2010, 03:15:47 PM »
After going through a rough patch for the last two years, I've started to get ahead again. I finally got one card paid off last week. If things keep going well, I'll have all my interest-bearing debt paid off by the end of next summer. :)

Offline fritz_monroe

  • The Defenestrator
  • Administrator
  • Survival Veteran
  • *******
  • Posts: 8366
  • Karma: 151
    • The Homestead Fritz
Re: 1 credit card down, 1.5 years to go.
« Reply #1 on: February 09, 2010, 04:21:39 PM »
Congrats on getting back on track and getting one of them paid off.   Keep strong and get rid of it. 

Offline maxhedroom

  • Survivor
  • ***
  • Posts: 192
  • Karma: 5
  • We all seek direction
    • My Homestead Garden
Re: 1 credit card down, 1.5 years to go.
« Reply #2 on: February 09, 2010, 04:38:56 PM »
After going through a rough patch for the last two years, I've started to get ahead again. I finally got one card paid off last week. If things keep going well, I'll have all my interest-bearing debt paid off by the end of next summer. :)

We are in the process of getting rid of debt and creating a budget. It is much harder than I expected and it does create some tension at home. But we will be all clear in 22 monthss if it all works out right and work stays consistant. But then we need to think of college tuition for the youngest.

Your re an inspiration.

Offline ladieu

  • Survivalist Mentor
  • *****
  • Posts: 581
  • Karma: 52
    • Pittsburgh Off-road cyclists
Re: 1 credit card down, 1.5 years to go.
« Reply #3 on: February 09, 2010, 08:52:59 PM »
Paying my last credit card bill was such a liberating feeling. Like I could finally move forward with my life!  I'm glad you will achieve this goal!

Offline jlsellers

  • Prepper
  • **
  • Posts: 31
  • Karma: 4
Re: 1 credit card down, 1.5 years to go.
« Reply #4 on: March 04, 2010, 09:36:34 AM »
Good luck with your goals!! I have a similar one, to pay off 2 credit cards and one home equity loan.

The best thing we could do was get rid of our money pit house and rent for a while and use the saved money to pay off cards. This is the first month on our new budget and hopefully it will go well.

One thing that really keeps me motivated is having something I want really badly as a carrot: once the debt is paid I can use that money I was paying to save up for a nice piece of land closer to my folks!!

Another thing that helped me was a program my friend Abe created called Personal Wealth Guru. Basically a forecasting and budgeting tool that tells you how much time it will take to pay off your debt and how much interest you will save if you put away $x a month.

With the motivation and the future vision, the third thing that helps is doing a cash out budget. Not perfect at it yet, but doing it really makes me think about what I spend my money on. I look forward to seeing how ya'll save money :)

Offline Ann

  • Survivalist Mentor
  • *****
  • Posts: 362
  • Karma: 16
Re: 1 credit card down, 1.5 years to go.
« Reply #5 on: March 04, 2010, 09:56:00 AM »
We currently have no debt other than our house...it is an INCREDIBLE feeling.

We drank the "Dave Ramsey" koolaid about 1.5 yrs ago, and got on the bandwagon at full speed.

We have about 5 months of bills saved, and some cash stowed in the house, and a little bit of silver.

We would have more, but Mr. Murphy keep trying to bring us down.  Thankfully, since we have savings, we work things out and move on.  The savings acct takes a ding here and there, but we're not going the credit card route EVER again.

Next thing is a newer vehicle...after THAT...we're rat-holing money for a BOL!