|
|
| Author |
Message |
|
|
fansmack
Joined: 06 Feb 2007
Posts: 11
|
 Posted: Tue Feb 06, 2007 3:12 pm Post subject: Paying off your CC debt |
 |
|
| What is the best way to start paying off your credit card debt and get back to a zero balance? Are there tricks to this or is it simply discipline and paying bills on time? |
|
| Back to top |
|
|
|
iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
|
| Posted: Tue Feb 06, 2007 5:01 pm Post subject: Re: Paying off your CC debt |
|
|
| fansmack wrote: |
| What is the best way to start paying off your credit card debt and get back to a zero balance? Are there tricks to this or is it simply discipline and paying bills on time? |
Start spending money that you have and stop making various excuses for using credit cards to pay bills that you keep telling yourself that you have to pay no matter what. There are literally gazillion ways to cut your expenses. As you spend a lot less, you should be able to just spend money that you have (that you earn). And then, you can start paying off your credit cards.
_________________
Online Finance Education :: College Degrees |
|
| Back to top |
|
fansmack
Joined: 06 Feb 2007
Posts: 11
|
| Posted: Wed Feb 07, 2007 1:47 am Post subject: Re: Paying off your CC debt |
|
|
| iFinancialAdviser wrote: |
| fansmack wrote: |
| What is the best way to start paying off your credit card debt and get back to a zero balance? Are there tricks to this or is it simply discipline and paying bills on time? |
Start spending money that you have and stop making various excuses for using credit cards to pay bills that you keep telling yourself that you have to pay no matter what. There are literally gazillion ways to cut your expenses. As you spend a lot less, you should be able to just spend money that you have (that you earn). And then, you can start paying off your credit cards. |
LOL... well that's all obvious but is there a % plan that you would suggest? Like putting a certain % towards the credit card each month? I've already cut up the card so I can't use it anymore 
_________________
Fan Smack - Where trash talking is the way of life! |
|
| Back to top |
|
iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
|
| Posted: Wed Feb 07, 2007 2:33 am Post subject: Re: Paying off your CC debt |
|
|
| fansmack wrote: |
LOL... well that's all obvious but is there a % plan that you would suggest? Like putting a certain % towards the credit card each month?
|
As much as you can ... This sounds so obvious, but there is really no hard logic in paying off credit cards. What you need to do is pretty obvious. It's a really a question of will and execution.
| fansmack wrote: |
I've already cut up the card so I can't use it anymore |
That's a good first step ...
_________________
Online Finance Education :: College Degrees |
|
| Back to top |
|
fansmack
Joined: 06 Feb 2007
Posts: 11
|
| Posted: Wed Feb 07, 2007 3:00 pm Post subject: |
|
|
Yeah, I've been paying off as much as I can every month without hurting myself in regards to keeping my other bills current and keeping me fed. I feel I should be able to get there easily.
_________________
Fan Smack - Where trash talking is the way of life! |
|
| Back to top |
|
MikeH
Joined: 17 Feb 2005
Posts: 112
Location: UK
|
| Posted: Thu Feb 08, 2007 7:50 am Post subject: |
|
|
If you have several debts you have a couple of options.
Combine all debts into one lump sum with a lower rate that is manageable
Start paying off the ones that are threatening you fist. Then focus on the debts that are costing you the most in interest.
Talk to the lenders explain your position if the debt is large and try to come to an agreenment on repayment schedules.
What do you own of value. People sell all kinds of crap on ebay so dig out stuff and try to sell it. Put this solely to paying off debts.
Mike
_________________
Company Registration Business Advice
Apostille Company Registers |
|
| Back to top |
|
iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
|
| Posted: Thu Feb 08, 2007 7:54 am Post subject: |
|
|
Oh ... another thing. Don't procrastinate. It's not pleasant to have a debt, but you have it. It is what it is. Just be calm, understand the situation and take necessarily steps to pay it off rather mechanically. Don't be emotional ...
_________________
Online Finance Education :: College Degrees |
|
| Back to top |
|
fansmack
Joined: 06 Feb 2007
Posts: 11
|
| Posted: Fri Feb 09, 2007 1:47 am Post subject: |
|
|
Thanks guys!
I have great news too... I just received a $3.50/hr raise at my job so I will be putting all the extra income I will be receiving towards just debts which will help me even more! So I should be good within a few months... so excited... it feels good to know you will be out of debt soon.
_________________
Fan Smack - Where trash talking is the way of life! |
|
| Back to top |
|
iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
|
| Posted: Tue Feb 13, 2007 3:55 am Post subject: |
|
|
| fansmack wrote: |
Thanks guys!
I have great news too... I just received a $3.50/hr raise at my job so I will be putting all the extra income I will be receiving towards just debts which will help me even more! So I should be good within a few months... so excited... it feels good to know you will be out of debt soon. |
That's a huge raise. Even after you pay tax, you earn 5k more than you did last year at the end of the year. So, this alone should enable you to pay off one of your cards at least.
_________________
Online Finance Education :: College Degrees |
|
| Back to top |
|
altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
|
| Posted: Sat Feb 17, 2007 10:26 pm Post subject: Re: Paying off your CC debt |
|
|
| iFinancialAdviser wrote: |
| fansmack wrote: |
LOL... well that's all obvious but is there a % plan that you would suggest? Like putting a certain % towards the credit card each month?
|
As much as you can ... |
I have to agree with this. Interest rates are CC are invariably extortionate. Pay it off as quickly as you can. Get a second (or even third) job if need be... sell things you no longer need/want... eat as cheaply as possible for a few months... and so on.
Good luck.
_________________
Business Forums - Business Add URL
Travel Forums - Travel Add URL |
|
| Back to top |
|
iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
|
| Posted: Sun Feb 18, 2007 4:41 am Post subject: Re: Paying off your CC debt |
|
|
| altyfc wrote: |
I have to agree with this. Interest rates are CC are invariably extortionate. Pay it off as quickly as you can. Get a second (or even third) job if need be... sell things you no longer need/want... eat as cheaply as possible for a few months... and so on.
Good luck. |
This sounds like some kind of endurance test, but knowing a couple of people who are heavily in debt, I have to agree. Being heavily in debt can make your life very very miserable.
_________________
Online Finance Education :: College Degrees |
|
| Back to top |
|
altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
|
| Posted: Sun Feb 25, 2007 6:46 pm Post subject: |
|
|
The other thing is... if you work long hours... not only do you stand to earn more (to pay off the debt), but it's also likely you won't have the same opportunities (or free time) to be tempted to spend your money, too.
_________________
Business Forums - Business Add URL
Travel Forums - Travel Add URL |
|
| Back to top |
|
iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
|
| Posted: Mon Feb 26, 2007 9:28 am Post subject: |
|
|
| altyfc wrote: |
| The other thing is... if you work long hours... not only do you stand to earn more (to pay off the debt), but it's also likely you won't have the same opportunities (or free time) to be tempted to spend your money, too. |
I'm not so sure if it's necessary to do, nor do I believe that working long hours can be productive. However, preoccupying yourself with healthy inexpensive or free activities like work, reading books from libraries, jogging, playing sports with friends, etc. can definitely help you to spend a lot less; that itself helps you to pay off debt quickly.
_________________
Online Finance Education :: College Degrees |
|
| Back to top |
|
altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
|
| Posted: Tue Feb 27, 2007 10:34 pm Post subject: |
|
|
Yes, I agree... I shouldn't have just emphasised work. Doing anything that occupies your time but doesn't incur expense - such as the activities you outline (and no doubt many more) - is a great way of limiting your spending.
_________________
Business Forums - Business Add URL
Travel Forums - Travel Add URL |
|
| Back to top |
|
|
|
|
