Short-term CC Debt

[Scarpozzi]

I just wanted to post because I don't have an account on myspace.

As many of you know, I bought my first house 2 years ago and got married last Fall. Between renovation costs on the house and buying my lovely's wife's rings and going on our honeymoon to hawaii, I accrued some CC debt. I expected it because I don't make all that much money. Anyhow, I'm finally cutting it down. I've paid off 2 credit cards in the last 2 months and just paid off my third a minute ago. (some were $500, $1000, and the last one was $2500) I feel like I'll be able to be debt free minus my mortgage and car loan by September.

It feels GREAT to clean up these accounts and close them out.

 

[FoBoT]

http://www.pics.bbzzdd.com/beta/users/nakedfrog/HappyDance2.gif

 

[JackBurton]

You think you have it bad? I'm forty big ones in debt! Yep, $40. I should have it paid off by the end of the year though.

 

[Scarpozzi]

Originally posted by: JackBurton
You think you have it bad? I'm forty big ones in debt! Yep, $40. I should have it paid off by the end of the year though.

I'm just trying to prepare for next year....I'm going to start acruing about $45k a year in additional debt. By the following year, it will be close to $85k total....and that's on top of my mortgage and car.

 

[krunchykrome]

Originally posted by: Scarpozzi

Originally posted by: JackBurton
You think you have it bad? I'm forty big ones in debt! Yep, $40. I should have it paid off by the end of the year though.

I'm just trying to prepare for next year....I'm going to start acruing about $45k a year in additional debt. By the following year, it will be close to $85k total....and that's on top of my mortgage and car.

Grad School?

 

[Flyback]

Originally posted by: Scarpozzi
It feels GREAT to clean up these accounts and close them out.

Definitely!

I think you should celebrate and treat yourself to something new like a TV. Put it on the card--don't worry about money, you can pay it off later :evil: J/K

Debt sucks. If you can reduce it to a mortgage (not auto, even) then life becomes much more enjoyable.

 

[Scarpozzi]

Originally posted by: krunchykrome

Originally posted by: Scarpozzi

Originally posted by: JackBurton
You think you have it bad? I'm forty big ones in debt! Yep, $40. I should have it paid off by the end of the year though.

I'm just trying to prepare for next year....I'm going to start acruing about $45k a year in additional debt. By the following year, it will be close to $85k total....and that's on top of my mortgage and car.

Grad School?

Yes....but for my wife. She starts late next month. The program is going to be pretty intense. I just hope I can pay most of her living expenses after I eliminate my debt so we can limit what we have to borrow. I'm nervous about taking out all of those loans without having an asset to show for it. Needless to say, I'll be bumping up her Life Insurance policy to cover her school debts. I have no doubt that she's going to come out on the other side making some real money in the medical industry.

 

[dullard]

Congrats on paying off the CCs.

Originally posted by: Scarpozzi
I'm nervous about taking out all of those loans without having an asset to show for it. Needless to say, I'll be bumping up her Life Insurance policy to cover her school debts.

At least save yourself the trouble and cost of getting life insurance from someone who isn't making money: Federal student loans are 100% discharged upon death. I don't know though what happens if you get specialty medical school loans outside of the Federal government programs.

 

[radioouman]

Feels so good, doesn't it? My wife and I paid off our CCs last year at about this time. Since then, we've had a balance for a month or two at a time, but we don't carry a balance that we can't pay off.

The unfortunate part is that I am taking classes and paying for classes out of my paychecks leaves me with almost nothing, so I'm living from paycheck to paycheck, but at least I'm not incurring any debt.