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Getting Into The Swing of Things

October 26th, 2008 at 11:20 pm

So I initially set this thing up about 2 months ago, but things got really tough then and all savings plans went out the window. Now I've got my credit card debt consolidated and all of the other bills caught up so that nothing is behind anymore, and it's time to start working on knocking out the credit card debt and building up some savings.

My boyfriend and I got to this point of debt by being careless with credit cards. It started off with one, to use when there was something we needed ASAP and didnt have money for (ex: care repairs, replacement appliances, dr appointments, etc). After that it turned into opening store cards with the intent of buying one item then paying it off, which never happened. With the credit card bills building up, we got to a point of not being able to afford food, therefore getting another card to cover gas and groceries. All of this leading up to $20k just in credit card debt at age 23. I also have my car payment, and he owes money on a few things that have gone to collections.

We have no savings account at the moment, but plan on getting one next pay day.

We've stopped using credit cards completely. All except for two of them have been closed. The last two are being paid down and saved for emergency situations, mainly because we have no savings to fall back on if we need it. Once we can get a savings account built up, I'll probably close those last two credit cards.

I know I've tried this before, but this time I think I really am ready to tackle this mountain of debt.

5 Responses to “Getting Into The Swing of Things”

  1. whitestripe Says:

    i find it helps to keep blogging, even if it's small things. and keep track of every cent you pay off, it helps to keep motivation too Smile best of luck, i look forward to reading about your progress.

  2. onesexylady Says:

    I use to be in your shoes until I got serious about paying off my debt. One technique that helped me thanks to Dave Ramsey (lol) were his baby steps.Blogging is a cool way to track everything online as whitestripes said. Also I can help you with a snowball plan if you would like. Snowballing debt really helps and you will see results I did and owe about $300 on my last credit card thanks to the plan and 18 months of hard work.

  3. creditcardfree Says:

    Welcome back! Sounds like you are making progress...you aren't using credit any longer. That is a HUGE first step. Keep up the good work!

  4. ceejay74 Says:

    Welcome! I'm about 10 years older and 4X more in debt (not counting mortgage), so it's good you're halting it now before you got to where I am. The good news is that I've paid off nearly half of my credit card debt since joining this site last year. Blog often, read other people's blogs, and keep track of your money to the penny, and you'll be fine.

  5. HouseHopeful Says:

    Glad to have you join us!

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