Wednesday, April 22, 2009

this is how i did it

This weekend, I was finally able to pay off the final amount on my 2nd to last credit card! I opened this card in 05 because it had a great transfer option deal. I never used the actual card itself to purchase anything. I only ever transferred balances. In the beginning, the balance was around $7,000. As of two years ago, it was closer to $5,500.
But today - it's $0.00!!!!!

I feel so financially awesum.

Now, I do still have some credit card debt. I started this blog with about $8,000 in credit card debt. I've managed, in two years, to cut that by over half. In order to keep myself motivated and help other awesum debtors, I'm going to explain HOW I DID IT.

1. Get the card out of the wallet. Fingertip access brings spending temptation to a whole new level. Get the card out of the wallet NOW.
2. Pay off the highest interest rate first. (Since I'm finally down to one card, this will be a sinch!)
3. Throw money it at like it's your job. Any and all extra money goes to your debt.
4. Set manageable goals. Saying, "I'm getting out of this in one year" is unrealistic. However, saying, "I'm going to pay off 10% of the total amount in one month" is doable.
5. Finally, finally, finally get a car with working air conditioner and under 100,000 miles when you are out of debt. At least, that's what I'm going to do.

Yay, yay, yay financially responsible me!

2 comments:

pretty amazing grace said...

Keep it up...you'll be debt-free before you know it!

And, much as I want kids, my blog will always jump from topic to topic, because I know there's more to life than the baby race...like AI and sunless tanner. :)

emilysuze said...

You really are awesome! I'm in the process of trying to get rid of my credit card debt and it sure as heck ain't easy! You're my inspiration *cheesy music in the background*