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OFF-TOPIC wow, that feels good!

Discussion in 'Off Topic: Sports, Funnies, Pop-Culture' started by offroadaz, Feb 28, 2008.

  1. offroadaz
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    offroadaz New Contributor

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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:
     
    Runum, bflbob and Yankees338 like this.
  2. CarrieW
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    CarrieW Gold Contributor Read Millionaire Fastlane Speedway Pass

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

    that has to feel great!
     
  3. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Happy dance time!!!!!!

    :banana::banana::banana::banana::banana::banana:

    :hurray:
     
  4. GettingThere
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    GettingThere New Contributor

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    I am with you on that...just paid mine off last month...keep it up!
     
  5. Jorge
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    Jorge Bronze Contributor

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    :icon_super:CONGRATS!
     
  6. Yankees338
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    Yankees338 Bronze Contributor

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    Congrats on doing, not just saying!
     
  7. bflbob
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    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Rep ++ for action!
     
  8. JScott
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    JScott Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Hey, I paid off all my credit cards this month...do I get rep++? :)

    Edit: Don't really give me rep for this...I pay my credit cards off every month and was just making a joke...sorry...
     
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  9. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    You bet!
     
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  10. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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

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    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.
     
  12. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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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'.
     
  13. Edge
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    Edge Contributor FASTLANE INSIDER Summit Attendee

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    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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