Finding the chic in everyday life

I love eating, cooking, crafting, zumbaing, ice skating, and lots of other randomness.

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Since December 2008, I've lost 15 lbs and I hope to continue my healthy habits of nutritious eating + frequent, fun exercising.

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« I Did It! I'm Free of my Cursed Credit Card! | Main | SCBR Week 3/Day 5 Food/Exercise Journal »

February 19, 2009

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Thimbleanna

Congratulations on getting your debt settled Diana! I've always been so lucky -- I had parents that drilled the bad side of credit into us, so it's only been used for absolute necessities (house, etc.) And doesn't it feel good when all that interest isn't going down the drain?

Saver Queen

Thank you so much for the shout-out. You are an inspiration. You must be so happy and proud. And now you will be able to help others using what you have learned!

Marie

Yes, congratulations indeed. I am on the road to clearing mine. It's a long road because of the amount but what I did was transfer balances to either very low interest rate ones or no interest rate ones and then, when those expire, I plan to transfer again. Reason being is that the interest rate alone will drag it even longer. I only shop for necessities put any (*if* any) extra $$$ towards the debt. Its a long road but I swear I will never get in this situation again.

Thanks for sharing your story!

BumbleVee

Banks are worse than loan sharks with their exorbitant interest rates... there should actually be some laws against charging such high rates...but, nope. And so many people get sucked into the schemes.

I'm like Thimble.... we had no money growing up...and dear ol' Dad always said, "money doesn't grow on trees" ... so we learned if we didn't have it ..we didn't spend it. Yes, I have had some debt over the years, but..not on credit cards at those interest rates. In all the years I've had my cards since I was 18...I pay it off at the end of each month. I have only paid the stupid banks interest on two occasions. They probably hate me and I love that. But, if I know I won't have the money to pay at month end..I just don't spend it. I sure don't need anything that badly that I can't wait a month...or two or three for that matter.

I have a credit card that pays me 2% back on my usage at the end of the year...so we put every single purchase on it..then just pay it off each month. The overall total was huge ...especially at the hardware store during bathroom reno time.. so, last year I got about $800 back. I have a line of credit that is only at 3% interest.. so it gets used every so often for the larger VISA bills during a reno month....then I pay it off as soon as I can... with every penny of income earned that we don't use for groceries or utilities...

It's so tough to get out from under debt if it takes over.... you have to work hard to make sure you don't get sucked in to the lifestyle. It's kind of like trying to lose weight or keep it under control.... diets don't work; it's a whole lifestyle change....
Good for you getting out from under....

Going forward, may I suggest having a substantial down-payment as well as making some double ups on your mortgage when you buy your home? We used the old trick of figuring out where we spent every penny (including muffins, coffee and pantyhose) in order to help save up our downpayment so we could buy a house in the fist place...but, then,.. it freaked us out to actually see how much the interest was and how nothing went toward the principle... so... it motivates extra payments. Who wants to end up paying 3 times what your house is worth by the time you pay off your mortgage. It was tough, as our first mortgage was at 9% ...then at renewal..the lowest we could find was 11%...we bought at the height of ridiculous interest rates and both had 2 jobs to scrape up enough to find those extra payments...but, we did it and paid off the house in a total of 8 years.... being debt free is the best feeling in the world........

BumbleVee

yikes! that was pretty "blabby" and long..!

Amparo Curtis

Cutting back also teaches you to be creative with your business strategy. A business runs on money, so without it, then say bye bye to your business! You have to get back to the bare essentials to overcome a debt.

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