Author Topic: 14,525 in credit card debit - here we go  (Read 1764 times)

jedithunder

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14,525 in credit card debit - here we go
« on: May 08, 2017, 09:36:01 AM »
My time as a slave.

I have worked out my credit card payoff timeline to end dec 1, 2018.
By the end of this week, I will have moved all the debt onto credit cards that have no fees and this will give me 18 months of no additional interest.(after transfer fees)
My goal is to payoff at least $500 a month.
I know the timeline does not work out correctly, but in the summer months, I do side work that will bring in an extra  3.5k.

this "$500" per month is minimum. 

I have eliminated a bunch of silly monthly expenses. eating fast food, my audible subscription, lowering my cell phone costs.

I want to feel free from this burden.

Thank you, to all the people within the FI space.
you have shown a credit card addict like myself the light

THANK YOU EVERYONE !!!!

independence

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Re: 14,525 in credit card debit - here we go
« Reply #1 on: May 08, 2017, 09:48:42 AM »
Yes! I recently cleared about $4000 on a very low income and it was such a good feeling when all of that stress was gone. You can do it!

Dicey

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Re: 14,525 in credit card debit - here we go
« Reply #2 on: May 08, 2017, 09:53:32 AM »
We can't all be heroes, because somebody has to sit on the curb and applaud when they go by. - Will Rogers

Sitting, preparing to clap.

jedithunder

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Re: 14,525 in credit card debit - here we go
« Reply #3 on: May 08, 2017, 11:19:50 AM »
Thanks Dicey and independence

FinallyAwake

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Re: 14,525 in credit card debit - here we go
« Reply #4 on: May 08, 2017, 11:23:45 AM »
You can do it, Jedi!!

Make yourself a debt pay-down thermometer and post it on your refrigerator.  Live it, breathe it, and conquer it!

Nederstash

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Re: 14,525 in credit card debit - here we go
« Reply #5 on: May 08, 2017, 01:07:38 PM »
My time as a slave.

I have worked out my credit card payoff timeline to end dec 1, 2018.
By the end of this week, I will have moved all the debt onto credit cards that have no fees and this will give me 18 months of no additional interest.(after transfer fees)
My goal is to payoff at least $500 a month.
I know the timeline does not work out correctly, but in the summer months, I do side work that will bring in an extra  3.5k.

this "$500" per month is minimum. 

I have eliminated a bunch of silly monthly expenses. eating fast food, my audible subscription, lowering my cell phone costs.

I want to feel free from this burden.

Thank you, to all the people within the FI space.
you have shown a credit card addict like myself the light

THANK YOU EVERYONE !!!!

good luck!! The fun part is where you see the debt snowball emerge... once you start seriously paying off the balance, you'll owe less in interest, leaving more to throw at the principle, causing you to pay less interest etc etc. Compounding interest can work against you... make it work for you!

ptgearguy

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Re: 14,525 in credit card debit - here we go
« Reply #6 on: May 08, 2017, 08:43:39 PM »
All the best Jedi. I like that you set yourself nice realistic goals to make things happen. Keep us posted on your progress.

Tyson

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Re: 14,525 in credit card debit - here we go
« Reply #7 on: May 08, 2017, 09:20:37 PM »
good luck!! The fun part is where you see the debt snowball emerge... once you start seriously paying off the balance, you'll owe less in interest, leaving more to throw at the principle, causing you to pay less interest etc etc. Compounding interest can work against you... make it work for you!

So true.  With debt, you are paying other people to use their money.  When you get rid of it and start investing, other people start paying you to use your money.  Hah!