(Closed) Anyone working on paying off debt?

posted 5 years ago in Etiquette
Post # 3
Member
979 posts
Busy bee
  • Wedding: June 2013

@Carolyn72:  I am starting next week!  I’m moving back with my parents this weekend and need to find a job there, but since I’m not paying rent I will be able to put most of my money towards credit cards.  My goal is to have everything paid off by the wedding in June.  If I get it paid early, ill start saving for a down payment on a new car.

Post # 4
Member
452 posts
Helper bee
  • Wedding: May 2013

YES!  Massive school loans, some credit card debt and a car loan… the loans kill me but I’ve paid a few off with tax returns and such so that was nice but we’re still saving for our wedding so once that’s done I can make larger payments more regularly!  Good luck!!

Post # 5
Member
529 posts
Busy bee
  • Wedding: January 2013

Yes, Im working on paying off debt…almost done….yay!

Post # 6
Member
7908 posts
Bumble Beekeeper
  • Wedding: March 2012 - Pelican Grand Beach Resort

You should choose the credit card to pay based on highest interest rate, not lowest amoung owed. Otherwise, you are accruing extra unnecessary debt in the meantime.

Good luck!

Post # 8
Member
9057 posts
Buzzing Beekeeper
  • Wedding: June 2010

@Carolyn72:  We JUST finished paying off our student loans over the summer (Hello $1100/month we’re not used to having to spend/save for the last 7 years!)  Good for you for deciding to really focus on paying them back.

Are you planning to pay back the lowest amount just for the psychological victory of paying something off?  If not, i’d suggest starting making the largest payments to the cards with the highest interest.

Post # 9
Member
238 posts
Helper bee
  • Wedding: August 2012

We are trying to pay off our debt, while saving for a down payment on a house.  So hard!!

Post # 11
Member
3729 posts
Sugar bee
  • Wedding: July 2013

I am paying off my student loans like crazy right now. I am going against mrsSonthebeach’s good advice and paying them off smallest first so that I can close accounts and raise my credit score. I hope to pay them off by new years and then tackle the huge, high interest loan. That’ll take 3 years (as in every pay check, in full, for 3 years). Ouch

Post # 12
Member
598 posts
Busy bee
  • Wedding: February 2013

@Carolyn72:  I have been in debt for what feels like FOREVER. I’m currently paying on all 3 student loans and 2 credit cards while maintaining monthly bills…. GAH! 

I’m doing it by putting more on my card with the most interest and paying whatever else I can on on my other card and the minimums on everything else………

I can’t imagine having to pay for a wedding too. My prayers are for you. 

<3 

Post # 13
Member
7908 posts
Bumble Beekeeper
  • Wedding: March 2012 - Pelican Grand Beach Resort

@Pollywog:  Closing accounts lowers your credit score. When the card is empty, just let it sit there empty. Cut it up if you want, but do not close it.

Post # 14
Member
915 posts
Busy bee
  • Wedding: May 2013

I would LOVE to be paying off debt, but I have to wait until I get a job. I really want us to be consumer-debt free by the time we get married though, so I need to get a move on it. 

Post # 15
Member
152 posts
Blushing bee
  • Wedding: April 2013

I have no debt, but FI does, and as soon as we are married we are PAYING IT OFF!! He has about 36k in debt, mostly from student loans. My goal is to pay it off before our 1st anniversary! You should read The Total Money Makeover by Dave Ramsey. 

Post # 16
Member
3729 posts
Sugar bee
  • Wedding: July 2013

@mrsSonthebeach:  Oh no– these are student loans, not credit cards. Closing them (2 out of the 4 state loans) has helped raise my credit score. I am very lucky not to have any credit card debt.

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