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It feels good to pay off debt

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It feels good to pay off debt

Old 05-03-06, 12:16 PM
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It feels good to pay off debt

This year I'm finally able to start making significant strides towards being debt-free, after feeling like I was treading water for the last year. Last month I paid $900 on my credit card, and I just paid another $1000 towards it. Since I also use it every month for food, gas, and other things, realistically this is probably only paying down $650-700 a month or so. However, by the end of the year, barring any emergencies, I will have my credit card finally paid off. And after that, everything but my school loans and truck payment is a piece of cake. A month, maybe two, for my private school loan. Another month to pay off my furniture.

Ultimately, by this time next year, I'll be saving nearly $900 a month in debt repayment.

I just wanted to say that.
Old 05-03-06, 12:29 PM
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Congratulations! My wife and I are hard at work paying off credit cards, school loans, new windows. It's always nice when you're able to cross something off the list. Good luck.
Old 05-03-06, 12:34 PM
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cool.... glad to hear that.... i cant wait til my wedding is over to finally get rid of my debt
Old 05-03-06, 12:39 PM
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Good job!
Old 05-03-06, 12:41 PM
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im finally down to $200 of 'bad debt' it DOES feel good
Old 05-03-06, 12:44 PM
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You can start working on mine after yours is paid off.
Old 05-03-06, 01:04 PM
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Keep up the good work.

das
Old 05-03-06, 01:44 PM
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nice job, I've still got a mortgage to pay off
Old 05-03-06, 01:48 PM
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im not counting mortgage. That may be considered 'good debt'
Old 05-03-06, 01:58 PM
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One month to go on 'bad' debt. After that I double up on student loan payments
Old 05-03-06, 02:41 PM
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Way to go

I got out from under my credit cards 2 years ago when I met my future wife. Now we are saving a ton and only have car loans. We're looking at houses so will add some more debt, but consider that, and car debts life, and can worry stressfree about those.
Old 05-03-06, 03:35 PM
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I'm insanely bad with money, and could not put together a personal budget if my life depended on it. I've managed to carry some sort of credit card debt from the time I got my first one at the age of 18. I'm now 26.

So, after an afternoon of listening to me complain about my money situation, my girlfriend sat down for two hours and created a budget for me for the next three or four months. All of my expenses (gas, car insurance, loan payment, rent, electricity, groceries, cell phone) were broken down and we've made sure that I'm able to put money aside for all of those. I'm also able to put a little in savings each month and still have quite a bit of spending money.

The best part is I'll be able to have my credit cards paid off by the end of the month.

So, yeah, getting out of debt feels damn good.
Old 05-03-06, 05:46 PM
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I just took a look at my debt, and I have $10,000 in credit card debt that I need to pay off. I was actually shocked at how high it was, but I actually put my tuition for college on it, and since this is my last semester I should be able to pay this off by the end of the year, if not sooner. Thankfully I start my "real job" in September where I'll be making a nice jump in salary, and it should be no problem to end debt, and start saving for a house right after that.

One good thing is my job should be reimbursing me for this semester, but that will only shave about $2,500 off. I wish I had started working for them when my tuition payments were $4,500 a semester. Still have to love going to a state school.
Old 05-03-06, 08:27 PM
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I long for the day I can call Dave Ramsey's radio show. Hats off to you.
Old 05-04-06, 08:29 AM
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It is good...it took me 18 months to pay off my $20k in CC debt a couple of years ago. I did it right before I got married. Best thing I ever did, next to marrying my wife.
Old 05-04-06, 08:56 AM
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Great! It's certainly a good thing to do away with. I've been fairly decent my life in paying off debt, and only had issues with credit cards a few times, but nothing so major that it went on for more than a couple months at a time. Right now, outside of our mortgage (just got a place last year), I've been debt free for well over a year (since paying off my car).
Old 05-04-06, 10:13 AM
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Congrats. It always feels good to scratch one off the list. I hope to be down to just school loans, house and 1 car payment by summertime.
Old 05-04-06, 10:42 AM
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So, how did you start being able to do that? Did you change habits, start making more money, or get into horse porn? I know that is big where you are.
Old 05-04-06, 01:40 PM
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Originally Posted by kvrdave
So, how did you start being able to do that? Did you change habits, start making more money, or get into horse porn? I know that is big where you are.
The horse porn is a big factor (I'm called "The Bulbous Stallion"), but aside from that, here were the steps I took:

- Significantly reduced my DVD purchases. I never bought more than a two or three a week (including TV seasons), but it adds up. So I cut that down to one or two a month. The easiest way to do that? Stop reading the DVD Bargains forum and release list, and stop going by Best Buy or Fry's after work on Tuesdays. If I don't know about it, I can't want it.

- Avoided large expenses. Plane trips and things were really hurting my ability to pay off debt. My cousin is getting married this month (Memorial Day weekend). I really want to go, but I can't. It sucks, but I just can't justify paying the $600 ticket. I'll buy him a gift, of course.

- Got a $5,000 raise. I actually got it at the end of last year, but since I wasn't following the first two steps (including me being a little too generous at Christmas), it didn't seem to make much of an impact until recently.

So, that's more or less it. I would probably also add that me requesting a low credit limit about 8 months ago when I got a new credit card (transferred the balance for the lower APR) helped out, too. Every time it neared the maximum, I would freak out for a month or so and significantly reduce my spending until it was "safe" again. But I got tired of that cycle.
Old 05-05-06, 12:50 AM
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Good going! I'm hoping a potential profit-sharing check later this yr will be able to take care of my truck and school loan, which is all the debt I have now. It feels good to have finances in order for sure.
Old 05-05-06, 01:04 AM
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Props to you man, very cool. I admire your dedication.

Me on the other hand, I blow money, lots of it, on things and more things that I don't need, car stereo, cloths, artwork, furniture, designer cloths/cologne, crap I don't need, and its actually pretty pathetic. I make good money, but then I just blow it. Buying useless things makes me happy, I am not really a "material things" type of person, but until I break out of my life rut I am in, and find other things in life that make me happy, I will continue to blow money, very sad. I do and try to give back to people that are a little less fortunate though, thats the only minor redeeming quality in all this. About 5 months ago i bought out a t-shirt business, going out of business, I bought 5,000+ blank, high quality shirts. Yes I resold most on Ebay to make some money (which I turned around and blew on some useless shit I didn't need again) but it was around X-mas and I gave to a lot of needy people, and donated a bunch to charity. I could have done more, but I didn't. At least I did someting though, I was happy I was able to give a little something back. But now I am back to buying more and more shit. Oh well I will pull out of this sometime.....I hope.

The truth is a beautiful thing.....thanks for letting me vent.
Old 05-05-06, 01:17 AM
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Cool deal about the raise.

I haven't had any real credit card debt in quite some time. But when I got out of college I had a fair amount. My grandfather paid it off and I made payments to him (when he heard that I was paying 13%, he wanted in on the action ). I remember paying off the final $2k in one lump sum, and it felt incredible. I remember him being a bit shocked. I later found out from my mom that he had leant grandkids money before, but this was the first time he was ever paid back in full.

Congrats.
Old 05-05-06, 03:14 AM
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I paid off my two credit cards last year...when I finally got them off of my shoulders...man, it felt good. Now it's just regular bills every month, but those are easy.

No more credit cards for me.

Out of curiousity...what did you guys put on those credit cards?

= J
Old 05-05-06, 04:37 AM
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Originally Posted by Tarantino
I paid off my two credit cards last year...when I finally got them off of my shoulders...man, it felt good. Now it's just regular bills every month, but those are easy.

No more credit cards for me.

Out of curiousity...what did you guys put on those credit cards?

= J
Were there a lot of DVD's on those?

I just remember you posting once that you have some regrets now about buying so many. At least I think that was you.
Old 05-05-06, 07:07 AM
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Good job man! Just remember, it's OK to have a credit card, just don't buy stuff you KNOW you can't afford.

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