buddahj Posted May 23, 2011 Share Posted May 23, 2011 With a $200 payment @ the end of the month we'll be credit card debt free. Paid off $25K in a little over 4 years with the help of credit counseling. Quote Link to comment Share on other sites More sharing options...
tosberg34 Posted May 23, 2011 Share Posted May 23, 2011 With a $200 payment @ the end of the month we'll be credit card debt free. Paid off $25K in a little over 4 years with the help of credit counseling. Congrats! What a relief, huh? My wife and I haven't used credit cards since 2006. Everything we buy we buy with what we have saved up - or we don't buy it. Well, except for the big ticket items like my house and car. Yeah, it can be tough without credit sometimes but you get used to it and it actually is better that way. Again, that's great to hear. Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted May 23, 2011 Share Posted May 23, 2011 Congrats, that's a load off Quote Link to comment Share on other sites More sharing options...
Chargerz Posted May 23, 2011 Share Posted May 23, 2011 Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted May 23, 2011 Share Posted May 23, 2011 Very cool ! We had that back in the 80's. Single income, house repairs, and a young child. It took us 2-3 years to pay it off but it's been 25+ years w/ no CC interest. We still use the CC's, but we don't charge what we can't pay off every month. Right now we have a $5000 balance, but it's all stuff we needed and we have the cash to pay it off. Plus we have about $1000 in credits coming back to us from the CC. Savin' that for a Vegas trip. Congrats again, Bud! Not too many feelings like that. Quote Link to comment Share on other sites More sharing options...
polksalet Posted May 23, 2011 Share Posted May 23, 2011 awesome work. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted May 23, 2011 Share Posted May 23, 2011 It's a wonderful feeling and I've had it four times, so obviously it's pretty easy to slither back into the pit. Never ever again. Congrats. Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted May 23, 2011 Share Posted May 23, 2011 With a $200 payment @ the end of the month we'll be credit card debt free. Paid off $25K in a little over 4 years with the help of credit counseling. It's a wonderful feeling and I've had it four times, so obviously it's pretty easy to slither back into the pit. Never ever again. Congrats. Awesome news. If I was you I would build up a nice emergency fund so you don't have to rely on CCs the next time one of life's unexpected expenses come up. You don't want to "slither back into the pit" as UM pointed out. Quote Link to comment Share on other sites More sharing options...
whomper Posted May 23, 2011 Share Posted May 23, 2011 With a $200 payment @ the end of the month we'll be credit card debt free. Paid off $25K in a little over 4 years with the help of credit counseling. Outstanding You should be proud of that accomplishment and dont ever slip back . Great job Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted May 23, 2011 Share Posted May 23, 2011 Nice job. Quote Link to comment Share on other sites More sharing options...
Hugh 0ne Posted May 23, 2011 Share Posted May 23, 2011 Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted May 23, 2011 Share Posted May 23, 2011 Can I borrow, oh, $12,000? And congrats!!! Quote Link to comment Share on other sites More sharing options...
loaf Posted May 23, 2011 Share Posted May 23, 2011 congrats! Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted May 23, 2011 Share Posted May 23, 2011 Quote Link to comment Share on other sites More sharing options...
matt770 Posted May 23, 2011 Share Posted May 23, 2011 To celebrate, you should buy a 60" plasma, Blu-ray player and surround system from Best Buy. They have no interest financing for 18 months on all purchases over $429. Quote Link to comment Share on other sites More sharing options...
rajncajn Posted May 23, 2011 Share Posted May 23, 2011 Congrats buddah. I did away with mine earlier this year as well. Still have a long ways to go on the Katrina loans, but we're definitely heading in the right direction. Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted May 23, 2011 Share Posted May 23, 2011 Nice job. I have alway been leary of those Credit Counseling Companies. How do they work? What kind of fees do they charge? etc. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted May 23, 2011 Share Posted May 23, 2011 congrats, that is a great feeling. now just make sure you don't stop. don't settle for just not backsliding, keep pushing in the right direction. start putting that money you've been paying the CC company into savings for a reserve fund. then into retirement savings vehicles, and so on. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted May 23, 2011 Share Posted May 23, 2011 start putting that money you've been paying the CC company into savings for a reserve fund. then into retirement savings vehicles, and so on. This. Even if only half what has been going to the CC, putting away enough cash for the day when the transmission parts company with the car or the shed collapses is the next step. Quote Link to comment Share on other sites More sharing options...
buddahj Posted May 23, 2011 Author Share Posted May 23, 2011 Nice job. I have alway been leary of those Credit Counseling Companies. How do they work? What kind of fees do they charge? etc. This is who we went thru: www.consumercredit.com It's been a while, but I think there was a $39 one-time setup fee & we paid a $4 or $5 fee per month per acct until they were paid off. Quote Link to comment Share on other sites More sharing options...
chester Posted May 23, 2011 Share Posted May 23, 2011 Nice job. I have alway been leary of those Credit Counseling Companies. How do they work? What kind of fees do they charge? etc. I did it once. First and foremost, find a non-profit. That is by far the most important step. I was in a bad spot and racked up around $20000 on 6 different cards. i was starting to pay them off myself until I missed one payment, then to get back on track with that one, missed a differnent one. Eventually, the average % was 25-35. Now it's impossible to catch up. The company negotiates with all of your cc companies a lower rate and they all dramatically lowered because now I have to pay the nonprofit a set amount each month and the companies are guarantied payments as long as I'm making them. One payment is a lot esier to manage than 6. The rates when down to 0% to about 12 or 13. The comany charged a monthly fee that was added right into your payment. It had to be paid off in 5 years and I think I paid around $625 a month. It worked great. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted May 23, 2011 Share Posted May 23, 2011 Congrats man. That is no small accomplishment. It's been twelve years since we had CC debt, it is probably the best financial decision we've made. Quote Link to comment Share on other sites More sharing options...
TimC Posted May 24, 2011 Share Posted May 24, 2011 Congrats!! Been awhile since I've had credit card debt. After going through the "joys" of paying them off, I never pull them out ever. Credit cards are the debbil. Life is so much better off without hassling with them things. Quote Link to comment Share on other sites More sharing options...
Avernus Posted May 24, 2011 Share Posted May 24, 2011 I will be there in about 3-4 months as I just cut the head off the biggest monster (Chase)....the rest have minor balances compared to that, so the snowball effect is working out like a charm... and after that, the only amount I'll owe is on minor purchases because I won't need to really use them for anything crazy from that point on... but right now, I will say I am envious....so congrats Quote Link to comment Share on other sites More sharing options...
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