Man paying off CC's feels good :)

[IceBlue]

Originally posted by: Ilmater
I have... sizable debt on my CCs. For me, the toughest thing was telling my friends that even though I made the most, I had the least to spend because of my CC bills. Once I got around that, I was OK. Now it's all going away. I'll actually get my student loans paid off before my CCs, but I don't have as many student loans as most, and I'm paying on them heavily to get them taken care of. Same with my car. Once my car and TV (like I said, I spend a lot) are paid off, I'm going to put that money towards my CCs. Then, when my student loans are paid off, I should be able to knock out my CCs within a year.

I think you may need to reevaluate your repayment priorities. You should make the minimum monthly payments on each credit line each month, and then put ALL of the rest of your monthly "repayment budget" dollars on the credit line with the HIGHEST interest rate. It does not matter if you pay off your car first, student loans first or credit cards first, as long as the highest interest rate goes first. You're only losing more money by doing it any other way. Carrying a balance on a credit card is the worst debt to carry, since a car loan has a security backing the loan and student debt is viewed by creditors as a loan, not a revolving account like a credit card. When you get the highest line paid off, you have more money each month to pay on the next highest interest rate, and so on...

Good luck to you in your efforts in getting the credit monkey off your back!

-IceBlue

 

[m2kewl]

no student loan debt, no CC debt rocks!! 😀

 

[Thump553]

View from an older fogie:

First, sincere congrats on getting out from under the CC debt scam. Its tough to do once they have their hooks into you.

Secondly (rant on) I am absolutely appalled at how easy it is for financial "infants" to get CC these days. My college age kids get barraged with CC offers all the time. Twenty-thirty years ago it was really tough to get a CC when you were young, and impossible if you were in school. Now the gameplan seems to be suck them into the CC system early, get them hooked on "easy money payments" to fund financial binges and bleed them for life. I'm digusted when I hear of kids graduating college already several thousand dollars in debt on CC. And I don't feel a bit of remorse for those lenders when people wipe out that debt in bankruptcy. Its just not prudent lending practices, they are trying to exploit the financially unsophisticated./rant off

There is nothing wrong, per se, with using a credit card for normal expenses IF you pay the bill in full at the end of the month, each and every month. If you think you will have a problem with that, don't use a credit card at all except for emergencies and situations where it can't be avoided.