Paid off more than 50% of my CC debt in 7 months!!

Coleroo · #1 (**permalink**) 06-22-2007, 10:27 AM

For those of you who are struggling with CC debt - I think the best advice is to "wait patiently" and "keep working at it".

I just got married last june - from April of 06 to November of 06 my hubby and I ran up $10,800 of CC debt on wedding / honeymoon / living expenses / car down payment / stupid spending. We finally had enough and stopped all CC's cold turkey Nov. 28.

I have been plunging along slowly but surely the past 7 months - and I just checked today... our total debt on CC's now comes to only $4300!!! That is such a HUGE load off of my mind, and I know the way the plan is set up, we'll be completely free of CC debt by December! woot woot!

I never thought I could do it - but here I am... on my way to CC freedom and not a card in my pocket!!

Aleta · #2 (**permalink**) 06-22-2007, 10:32 AM

You are an inspiration to alot of people out there. What a great job!

JoyJoy · #3 (**permalink**) 06-22-2007, 11:09 AM

WTG!!! Which plan are you and your hubby on?

Coleroo · #4 (**permalink**) 06-22-2007, 01:18 PM

Quote:

Originally Posted by JoyJoy

WTG!!! Which plan are you and your hubby on?

LOL ... our plan is basic "pay the house, pay the car, pay the utilities, buy some gas, then the rest to CC". Every week we do this. No room for food.

(j/k)

But..haha.. seriously though, thats about the extent of our plan. We do follow the debt snowball premise, paying off lower debts first - we're on our final CC now and its going to be fun watching it drop!!

Ima saver · #5 (**permalink**) 06-22-2007, 01:31 PM

You are doing great, way to go!!!!

katwoman · #6 (**permalink**) 06-22-2007, 03:24 PM

That's impressive and congrats to you and your husband.

Just curious - when you pay it all off, what are your plans for the "extra money"? IRA's/401K? Replacement car? Emergency fund? Baby fund?

JoyJoy · #7 (**permalink**) 06-22-2007, 04:25 PM

The two of you are to be applauded!!! What a sacrifice and it's all paying off!

By all means have a celebration and without the credit cards!

Like Aleta said, you're an inspiration to many.

Come back and tell how it felt paying off that last payment!!

Coleroo · #8 (**permalink**) 06-25-2007, 05:44 AM

Quote:

Originally Posted by katwoman

That's impressive and congrats to you and your husband.

Just curious - when you pay it all off, what are your plans for the "extra money"? IRA's/401K? Replacement car? Emergency fund? Baby fund?

Thanks to every one! I couldn't have done it without this forum! :-D

kat - The extra money will be going toward paying off our cars. I have a 2004 SUV and my hubby has a 2006 Chevy aveo. Right now we owe 6k and 8k on them, so the extra will get them paid off within the next 12-18 months we're hoping! Then, we'll be taking a little bit of THAT extra money to go towards ourselves (yay! more spending money.. lol), little bit towards more savings (we already do the "paying ourselves first" thing for retirement, but do not have a large regular savings since we're using everything towards debt), and then the rest towards paying our mortgage off.

Ini_g · #9 (**permalink**) 06-25-2007, 12:45 PM

Excelent, You Have an invaluable experience.

Joan.of.the.Arch · #10 (**permalink**) 06-25-2007, 01:04 PM

Very, very good.

PrincessPerky · #11 (**permalink**) 06-25-2007, 05:50 PM

Awesome job!

Kirbycruiser · #12 (**permalink**) 06-25-2007, 06:37 PM

Congratulations, You are now my inspiration to do the same.

DayByDay · #13 (**permalink**) 06-25-2007, 10:15 PM

Great progress.

krayziebone33 · #14 (**permalink**) 06-30-2007, 12:30 PM

Quote:

Originally Posted by Coleroo

For those of you who are struggling with CC debt - I think the best advice is to "wait patiently" and "keep working at it".

I just got married last june - from April of 06 to November of 06 my hubby and I ran up $10,800 of CC debt on wedding / honeymoon / living expenses / car down payment / stupid spending. We finally had enough and stopped all CC's cold turkey Nov. 28.

I have been plunging along slowly but surely the past 7 months - and I just checked today... our total debt on CC's now comes to only $4300!!! That is such a HUGE load off of my mind, and I know the way the plan is set up, we'll be completely free of CC debt by December! woot woot!

I never thought I could do it - but here I am... on my way to CC freedom and not a card in my pocket!!

Thank you for sharing this. I don't have any CC debt, but I know there are other people battling this issue who will read this and be inspired by it. Keep up the good work and continue to let everyone know what your progress is. Good luck in the future.

Ima saver · #15 (**permalink**) 06-30-2007, 02:05 PM

Getting out of debt at an early age was the best thing I ever did.

BCHGRL · #16 (**permalink**) 06-30-2007, 06:48 PM

Congratulations! That is impressive. When were you married last April? I was married on April 8, 2006.

Yeah, weddings and anything associated with them are extremely expensive. If you are paying for a wedding, you might as well be paying for a new car with NO low interest financing.

My hubby and I have been on the same roller coaster when it comes to debt. We put most of our wedding on a credit card. I think our highest balance was 10K or 11K. It took us from April to August to pay it off. Considering my hubby was suddenly unemployed for 2 months, we thought it was pretty good. Then we decided to get new flooring and lived like paupers to pay off over $10K in less than 5 months. It was on an interest-free for one year cc. It does feel really awesome to pay off a cc and watch your savings grow instead. Since we've paid off the cc, I get a statement each month that the cc has a credit of $2 and that makes us feel awesome!