What method works for you?

MaryMary · 03-09-2007

Have you been successful at paying off/down your credit card debt? Give us the strategy you used to eliminate it.

I am using the snowball method, where you pay a set amount to each one monthly and then once you pay off one credit card, you pick another card to send the extra monthly amount that you were paying to the one you paid off.

Did that make sense?

dasha101 · 03-25-2007

I get your point. When my mother was into credit card debt, we just cut off our expenses. She completely pays for the first credit card before settling the other. I don't exactly know what method you're going to call this.

chrissie1101 · 03-31-2007

You can cut costs in other areas as well. i.e. change your long distance provider, cut back on some of your phone features, cut out some of your cable expenses (i.e. pay per view, movie features). It will only free up a little bit each month, but every little bit helps.

sood123 · 04-25-2007

Prevention is better than cure. Dont go for more than what you can chew. Only that much debt is good which you can easily pay.

laker110 · 05-26-2007

Ya, i totally agree with sood123, i think its are own money which we are spending lavishly. We should remember that money saved is money earned.

03-09-2007	#1 (permalink)
MaryMary Member Join Date: Mar 2007 Posts: 56 Rep Power: 2	What method works for you? Have you been successful at paying off/down your credit card debt? Give us the strategy you used to eliminate it. I am using the snowball method, where you pay a set amount to each one monthly and then once you pay off one credit card, you pick another card to send the extra monthly amount that you were paying to the one you paid off. Did that make sense?

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03-25-2007	#2 (permalink)
dasha101 Senior Member Join Date: Feb 2007 Posts: 184 Rep Power: 2	I get your point. When my mother was into credit card debt, we just cut off our expenses. She completely pays for the first credit card before settling the other. I don't exactly know what method you're going to call this.

03-31-2007	#3 (permalink)
chrissie1101 Junior Member Join Date: Mar 2007 Posts: 11 Rep Power: 0	You can cut costs in other areas as well. i.e. change your long distance provider, cut back on some of your phone features, cut out some of your cable expenses (i.e. pay per view, movie features). It will only free up a little bit each month, but every little bit helps.

04-25-2007	#4 (permalink)
sood123 Senior Member Join Date: Apr 2007 Posts: 274 Rep Power: 2	Prevention is better than cure. Dont go for more than what you can chew. Only that much debt is good which you can easily pay.

05-26-2007	#5 (permalink)
laker110 Senior Member Join Date: May 2007 Posts: 110 Rep Power: 2	Ya, i totally agree with sood123, i think its are own money which we are spending lavishly. We should remember that money saved is money earned.

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