Post # 1
… And it’s at $6500!Â
I am freaking out! I can easily afford the minimum repayment but I know that won’t get it paid off anytime soon. I’m going to start putting $200 a week on it but I’m worried about sticking to a budget and using the card for “wants”.
Any advice on sticking to a budget? I’ll be left with about $200 a week of unallocated money..Â
Post # 3
Pay your $200 a week on it and leave it at home. Only pay cash for things. If you want something and you dont have the cash, you dont get.
Make envelopes each week with cash in them for that area of your life (gas, food, rent) and then you spend what you have.
Post # 4
Squish those wants … NO MATTER WHAT! If you dont NEED it, dont get it. Leave the card at home, no random spending until it’s paid off. Just figure out what your basic needs cost and stick to it.
Post # 5
If you really want to make sure you don’t use it, cut it up. You can always request a new card when the balance comes under control.
Post # 6
Cut the cards. When you have got yourself back in check, then you can have them reissued. It sounds like a budget isn’t going to help you, until you get yourself in control.
Post # 7
I agree with the PPs, budget what you NEED for the pay period, take that money out in cash, and leave the credit and debit cards at home. It’s the most effective method there is!
Post # 8
I agree with the others, cut the card, freeze it in ice, whatever you need to do in order to not use it anymore. Take out the amount of cash you need for the week on the weekend and don’t go back to the bank until the next week.
Post # 9
Put it in peanut butter, ice it, etc. Do not use that card for anything!
The 200 a week plan is excellent- and making multiple payments in a month as opposed to one 800 dollar payment will save you money in interest as well.
Post # 10
If you still have $200 a week of unallocated money PAY IT OFF THE CARD 🙂 Allocate that money to your debt- leave yourself only $50 a week or fortnight for expenses other than necessities.
I say this with love, and as a woman who once had much more debt than you, but has paid it off 🙂
Post # 11
I give myself a weekly allowance of $28 and once its gone for the week I am done. I put away all my credit cards so I will not be tempted to use them.
Post # 12
When my balance was high I took advantage of a low interest rate transfer option and put in on a new card (0% interest on all transfers, or 3% for the life of the balance, the best you can find) and then did NOT use the card for anything but the transfer so I could pay it off without super high interest. If you keep the other card ONLY use it for emergencies, budget so you can pay everything with cash and not have to use the cards.
Post # 13
Pay as much as you can each month.
Put your credit card in a plastic container full of water and put it in the freezer. I know this sounds silly but the reasoning behind this that it will not be easily accessable for you to make implulse/unnecessary purchases. But if you really do NEED it for an emergency you can thaw it out and use it.
Post # 14
Why don’t you do a credit card transfer for the balance? This way you’re paying off the actual debt and not paying interest. Make sure you cancel your old account first (I have had friends who’ve done a credit card transfer and did not rid of their first card and now have double the debt)
Have a look online who has the best offer at the moment.
PS This is how I’ve gotten rid of my credit card debt. Its not easy paying it off but you’ll be glad once you’re debt free
Post # 15
Like KristyF, I transfered all my medical debt to a discover card that gave me 0% interest on balance transfers and purchases for over a year. Never used it for purchases (at the time), just used it to pay down the debt. The transfer fee is still way better than incurring interest on another card. Just make sure you ABSOLUTELY never use the card for purchases to prevent more debt. Being interest free for that long made it much easier to see the debt shrink, inspiring me to keep going. You can definitely do this!
Something that helped me when I was learning to stop spending money on frivolous stuff was to ask myself, ‘If this item cost $X more, would I buy it?’ If the answer is no, it’s not worth it. Like, if this coffee cost $4 more, would I buy it? If this shirt was $15 more, would I buy it? Etc. For me, I never bought super expensive things, just lots of stuff that added up.
Additionally, I highly recommend Mint.com to start tracking things. The biggest step is to start looking at your finances, it’s definitely hard to remove the blindfold. But once you can get past the guilt, just relax and start categorizing your purchases, you’ll quickly see where you can make adjustments.
You can do it!!!
Post # 16
Sit down and create a realistic budget for yourself–include all necessary bills and expenses and add 10% to that for “just in case” things. Then decide how much you can put toward your credit card bill…I paid one of my credit cards off in full one time (to the tune of around $5000) and then realized that I didn’t have any money left to live on–STUPID! And I turned around and racked up another credit card bill! And I second the putting your credit card in the freezer. I did it and it kept me on track. I was only able to spend what I had liquid cash for and the rest I had to leave at the store. It was tough at first, but once I got into that habit, I realized how much money I was wasting on uneccesary things. Good luck =)