Paying Down Debt

[nad]

When I finally paid off my credit card debt a few years ago, I felt like a ****ing moron for having to waste all my money on bills for things that had long since been broken, sold, or digested, due to many previous years of financial irresponsibility.

That feeling has kept me from getting into it ever again (so far), so in that sense, yes, it felt good. In a character building sort of way I suppose.

 

[Largedon]

Gratz to all who have cleared their debt. My wife and I are really making a conscious decision to clear our credit card debt. So tired of seeing all that money go out in interest, when we could be saving, getting a new car (mine has 175k miles) and getting ready to send a kid to college. When we got married 5 years ago, we fell into the trap of buying house stuff, etc on credit cards and have been stuck there ever since. Probably still paying off crap from 5 years ago. Through my 20s I never used credit cards so I never had this problem, but I've definately learned my lesson.

 

[playinpearls]

i'm in the hole right now, striving to get out. We are doing a watered down Dave Ramsey plan... cut corners where we can, but still enjoying our lives...date nights...

i've 40g's in school debt, and 3k on a credit card. Buying a hud home right now...70k, but hopefully the payout in a couple years will pay off my school loans. then we'll be straight... when the market was good they were selling for 120-130k...

 

[Eric Perry]

When I finally paid off my credit card debt a few years ago, I felt like a ****ing moron for having to waste all my money on bills for things that had long since been broken, sold, or digested, due to many previous years of financial irresponsibility...

'Tis a sad thought, isn't it?

 

[ModulusFan]

Buying a hud home right now...70k, but hopefully the payout in a couple years will pay off my school loans. then we'll be straight... when the market was good they were selling for 120-130k...

Wasn't really a good market as much as it was a falsely inflated one. I wouldn't count on home equity that is yet to establish itself to be the means needed to get out of debt.

 

[Deleted member 5551]

Man, I am crazy in debt. Over $60k on school loans, $8k left on my car, and about $12k on credit cards (high balance mainly because of of school: tuition, books, fees, etc).

I'm okay with the fact that my school loans will never (ever) be paid off. I plan on going back for my doctorate in the future, which certainly won't be cheap. I mainly just want my credit card debt gone. I haven't charged anything in years, and cannot wait until that balance is gone, never to return again!!!

I feel your pain. I'm in about $80k for school, have roughly $2500 on credit cards. It's my goal to have my credit cards paid off before I graduate. After I buy a new computer (my current one is on it's final legs...and I'm an online student), I'm going to get my credit cards paid off.

I was planning on paying off the credit cards now and then work towards the computer, but I can't afford to be without one for school.

The snowball method sounds pretty good.