Have you killed the debt monster?
Is there still debt in your life?
I never have taken on debt in my life and I never will. I do not owe a penny to anyone, I am as free as a bird.
Yes, apart from the mortgage. It took me a while, I was in my early-mid thirties before I got a job that gave me enough excess income to get rid of my credit card bills and bank loans, but the emotional reality and relief of being debt free is fantastic.
It's very difficult to be in thrall to another financial institution or person and the idea of having to scrape enough money each month to make repayments and survive is something I wanted to get rid of very quickly. It takes discipline to kill the debt monster, and consumer culture encourages us to buy everything on credit, but a bit of financial planning and prudence now sets us up much better for the future.
I'm 22 and the debt that I am in is very minimal. I owe a few thousand for college. Since I went to a regional campus of a large university, tuition was inexpensive and grants helped along the way. No car payment, so credit cards, nothing. Just student loans - and they are a fraction of what many college students owe nowadays.
My advice to young people, don't get in over your heads. Don't go out and buy a brand new car because you just got a degree - degrees don't necessarily mean you'll get a great job. Lively frugally until you can afford "wants". Until then, live simply and enjoy it.
I am under taking the debt slaughter now --- my New Year’s Resolution. Here is how I began:
•List each debt with the total balance due
•List each debt with the amount of minimum payment due
• Then divide the total balance due by the minimum payment amount due.
•This gives a Ratio # Ex, $1,000.00/$35.00=Ratio of 28.57 or 29 rounded up.
•Take the lower Ratio # first and work your way up the scale. When that is paid off, add that minimum payment amount to the next Ratio #.
I have a couple of credit cards I will retain for travel & business purposes but my intent is to clear the way for CASH only purchases in the future! Happy New Year!
by sandra rinck 9 years ago
Let me start off with roolllff! Everytime I look at a bill I get sick, everytime I need to bust out a credit card just to make it to the next month I wanna puke. Trying to get along in a busting economy is making me sick. I do need advise, good advise in a couple of areas,...
by tdebrick 7 years ago
How many credit cards do you have?
by Rebecca Graf 8 years ago
What questions would you like to see answered about credit card debt?
by Word 3 years ago
What do you think is better to do if you were $100,000 in debt with credit cards and bills but thenyou either won it or received a $200,000.00 inheritance? Would you pay off the debt and bills or ignore them and enjoy spending the $200,000?
by Karina S. 7 years ago
Do you know how to improve your credit score?
by urs_dipak 8 years ago
Are you spending much on credit cards?Are you spending much on credit cards?
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