KATHY'S PLAN TO ELIMINATE CREDIT CARD DEBT
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| I got my first credit card when I was in college. By the time I
graduated four years later, I not only had my student loan
to pay, but I now had some major credit card bills as well.
Ten years later, I think that I am probably still paying for
my spring back from back then.
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Interest rates and continued spending have put me $20,000
in debt on just my credit cards. While I have excellent
credit, it is more difficult to get loans when lenders see
how much money you owe. My husband and I want to move to a
bigger and nicer house within the next several years. Before
we can get a higher mortgage, we need to eliminate credit
card debt.
Granted, that is so much easier said than done and I am by
no means one who should be talking. The very first step that
we took to eliminate credit card debt was to transfer some
of our balances to 0% interest cards. By doing that simple
step, we managed to save almost $40 per month from interest
charges. That extra $40 now goes to paying off our balance.
Within a year, that means we will have paid almost an extra
$500 towards our debt. I highly recommend finding a way to
transfer some balances to lower interest rates as the first
step to eliminate credit card debt.
Also, knowing that I need to eliminate credit card debt, I
took on a part-time job in addition to my full-time job. We
didn't see one another as often as we did before but we have
learned to appreciate each other more as well. I don't like
having a part-time job but I have managed to put all of
those earnings toward our goal - eliminate credit card debt.
That was an extra $300 per month that I was able to pay
towards our cards. I am quite a bit more tired than I used
to be with working 2 jobs, but I know that I will be
sleeping in a nicer house before too long.
I am absolutely determined to eliminate credit card debt
before it controls our lives. It has for this long and I
have grown way too tired of it. Some friends of ours filed
for bankruptcy right before the laws changed. That was their
easy way to eliminate credit card debt. I personally could
not do that. I have maintained an excellent credit score for
this many years and I take pride in that. I have chosen to
take responsibility for and eliminate my
credit card debt the traditional way.
If I have debt, it is my fault. All of my credit card
debt was from purchasing things, not from medicals bills or
items I could not help. I accrued it and I will eliminate
credit card debt the honest way. It may take me longer to
eliminate credit card debt than they did, but I will do it.
We need to pinch some pennies and tighten our budgets in
order to eliminate credit card debt and we will manage. I'm
determined.
Kathy.C. Dallas, TX
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