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As of tomorrow I am officially credit card debt free (except for three small automatic recurring monthly charges). It took me 15 months to do it, but wow does it feel great!
In Jan 2004 I had $12,000 in credit card debt (half of which was a "loan" to a relative which hasn't been repaid ... live and learn,huh?). By the end of 2004 I had paid off 75% of my cc debt. In case you're wondering how, here's my strategy:
1) stopped using credit cards unless I knew I could pay off amount each month (really worked hard to keep amount btw $50-100 so that I could concentrate on cards with larger amounts owed)
2) always paid well over the minimum amount due
3) used a payroll bonus and part of my tax refund to pay down large portions of cc debt
Now that I've got a much better handle on my credit cards, I am going to use the same strategies to save for an emergency fund and contribute more to my tax-savings annuity through work.
Just wanted to share this story with you to inspire others to pay down (or pay off) credit card debt. My creditors no longer own my paycheck, I do!
In Jan 2004 I had $12,000 in credit card debt (half of which was a "loan" to a relative which hasn't been repaid ... live and learn,huh?). By the end of 2004 I had paid off 75% of my cc debt. In case you're wondering how, here's my strategy:
1) stopped using credit cards unless I knew I could pay off amount each month (really worked hard to keep amount btw $50-100 so that I could concentrate on cards with larger amounts owed)
2) always paid well over the minimum amount due
3) used a payroll bonus and part of my tax refund to pay down large portions of cc debt
Now that I've got a much better handle on my credit cards, I am going to use the same strategies to save for an emergency fund and contribute more to my tax-savings annuity through work.
Just wanted to share this story with you to inspire others to pay down (or pay off) credit card debt. My creditors no longer own my paycheck, I do!
That is outstanding news. Good luck with the establishment of your emergency fund!
Had that happen to me as well.. but hey... just think of the wondrous amounts you'll be able to save now that you don't pay them anymore! 
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