(Closed) Paying off credit card debt – help me!

posted 7 years ago in Money
Post # 3
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

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
Member
2373 posts
Buzzing bee
  • Wedding: July 2008

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
Member
470 posts
Helper bee
  • Wedding: July 2011

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
Member
2233 posts
Buzzing bee
  • Wedding: September 2012

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
Member
44 posts
Newbee
  • Wedding: January 2010

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
Member
477 posts
Helper bee
  • Wedding: March 2011

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
Member
3126 posts
Sugar bee
  • Wedding: December 2017

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
Member
928 posts
Busy bee
  • Wedding: August 2011

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
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

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
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

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
Member
5655 posts
Bee Keeper
  • Wedding: April 2011

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 # 15
Member
5655 posts
Bee Keeper
  • Wedding: April 2011

@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
Member
591 posts
Busy bee
  • Wedding: July 2011

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!

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