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OFF-TOPIC wow, that feels good!

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offroadaz

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Feb 5, 2008
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I paid off the entire debt of 14k on one of my credit cards! It feels good to be out from under it. I was looking at the statement and I was paying over $350 each month in interest alone

I still have a ways to go before all of my credit card debt is gone but I just eliminated more then half of it and I feel allot better! :hurray:
 

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CarrieW

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CONGRATULATIONS!!!!!!!!!!!!!

that has to feel great!
 

andviv

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CONGRATULATIONS.
so, now what? you have "extra" $350 a month. What are you planning to do with that?
 
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offroadaz

New Contributor
Feb 5, 2008
42
10
9
40
Peoria, AZ
CONGRATULATIONS.
so, now what? you have "extra" $350 a month. What are you planning to do with that?

Good question, I would love to invest it someplace but I think it is better to pay off my remaining credit card balance first. I still have a little over $10,000 to go and Im paying 9.99% interest on it

I could be wrong, but it seems like paying of my debt first would be better then investing the extra money

My short term plan is to use my tax return and my bonus from work to pay down another few thousand, then focus on doubling or tripling my credit card payments so I can have them completely gone by July.

Once they are paid off I will have about $600 extra each month I can use to invest. I'm still working on an investment strategy and trying to decide what I should focus my time and energy on.
 

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andviv

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If that is your plan then I suggest you listen to the Dave Ramsey show and follow his "snowball" strategy.
Disclaimer: I believe that is the slowest of the slowlane mentality, but I also believe that you are correct in something, if you have nothing better to do with your money then at least get rid of the 'bad debt'.
 

Edge

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Sep 20, 2007
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I paid off the entire debt of 14k on one of my credit cards! It feels good to be out from under it. I was looking at the statement and I was paying over $350 each month in interest alone

I still have a ways to go before all of my credit card debt is gone but I just eliminated more then half of it and I feel allot better! :hurray:
It sounds like you have a 14k credit line available and 10k of bad debt at 9.9%.

How could you use 14k of good debt to pay off 10k of bad debt? A lot more risk involved this way? Yup, but the lessons learned in at least thinking about it could be priceless. It was for me.
 

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