Post # 1
Bees, I have CC debt to the tune of $2900. I’ve been unemployed since January, but now am finally about to start working again (I hope, I’m pretty sure I’ll be offered the job I had 2 interviews for this week. I’ll find out by next Tuesday).
Paying off my CC debt is my #1 priority once I start getting regular paycheques. Do you lovely bees have any tips for me? I know to pay above the minimum, even while unemployed I’ve been paying above the minimum payment – sometimes even just $20 more but at least it’s above.
I’d love to hear any success stories about paying off your CC debt, as well as any helpful tips or even just some encouragement!
Post # 3
I know it’s tough, but try to put as much money as you can toward the credit card debt first before luxuries. Really think about what you are spending in expenses. But don’t completely cut out fun stuff.
You can do it!
Post # 4
My husband and I had about 10k worth of debt after we graduated college. We buckled down, lived on a budget, and paid it off in a few months. It’s very doable!
Post # 5
After paying all of my bills and setting aside money for food and gas I put all of my leftover money towards my debt. It’s so much better than the way I used to do it before.
Post # 6
PPs have given you great advice already. Once you’ve paid your bills everything else should go towards your CC debt. I did this a few years ago and within a few months it was all paid off. I prefer to be really frugal for a few months and pay the maximum I can on my CC than to drag it out over a year or more.
Post # 7
put everything you can every paycheque towards debt (after budgeting for all minimum expenses).
try and pick up yet even a 2nd job….being busy working and biting the bullet for a couple of months is better than sitting at home worrying about money.
Post # 8
Make a budget and stick to it, but don’t make it so bare bones (i.e. you leave yourself no spending money or some kind of cushion) that it becomes too hard to stick to. If you can try to set up an automatic savings thing with your bank where it will automatically take out a set amount of money and put it somewhere separate and that will go straight to your credit card, no questions asked. I also physically cut up my card so that I couldn’t use it at all. Also do things to keep you motivated, like set up a timeline to when it will get paid off and you can cross off the months on a calendar. And save some extra money now for times when you know you will need to spend more (i.e. the holidays). You can do it!
Post # 9
If you have multiple credit cards, it helped me to pay the minimum payment on the smaller credit card and put all extra money to the largest. I paid one credit card (the biggest one) off at a time and worked my way down. That way when one was paid off, I had more money available to put towards the others. And the feeling of accomplishment of paying off the biggest was fantastic!
Post # 10
I just finished grad school (and finally landed a job a few months ago after being unemployed for a year) and I’m looking at a $10k credit card bill so I know how you feel. All my extra (ha!) money is going to my CCs after bills, rent and savings. I try to keep saving a little money even when I’m paying off debt just in case of emergency so I don’t end up using my CCs again.
You can do it! Good luck to you!
Post # 11
You should figure out which one’s have the largest interest rate and pay those cards first. You may want to look at transfering balances to the lower interest rates first. Then pay the one’s with the biggest balance. Paying the lower limits last. It can really be motivating to get a really big one paid off and have a card sitting at zero.
Post # 12
No eating out, no buying clothes, no movies out, etc until it’s paid off. That’s how I did it (I had credit card debt from grad school – never again!!). Pay off the highest interest debt first. Then go from there…
Post # 13
Dave Ramsey is KING at knocking out debt… May be worth looking into his book Total Money Makeover.
The best plan is to pay the one with the smallest amount first… I know that the higher interest rate is tempting to knock out BUT
You pay as much as you can to the smallest debt and then when that’s paid off you can take what you were paying to that and add it to what you’re paying to the next.
My mom has paid off 2 cc so far like this and is knocking out her 3rd as we speak!
Post # 14
Loving all this advice – keep it coming! I only have one card, so thankfully I only have to worry about one debt.
Is there any way to lower the interest rate?
Post # 15
@Gingersnap: I think I’ve heard that calling them and “threating” to cancel your card you may be able to get them to offer you a lower interest rate to keep you.
I saw it on Oprah like 6 years ago. lol
EDIT::: of course nicely “Oh I’m just trying to get everything taken care of and thought that…blah blah”
Post # 16
Make a budget. DON’T CHARGE ON that credit card. Pay it off monthly and try to do more than the monthly. You will get it down in no time. Always pay off the credit cards with the highest interest rates, too!