No. of Recommendations: 0
Ok, so I'm listening to a Beatles CD as I write this, the new "1" CD, which allows me to cheat as I have all thier stuff. So what does this have to do with credit card debt? Well, some stuff. First of all the title sums up my state of mind. Back in August I had $7,900 in debt and hope to pass on my experience to some people. First of all I am VERY LUCKY in that I can live with one of my parents while taking care of debt. The interest on the cards was 22% and killing me. I was also behind on payments. What I got one of my folks to do was get a CD at 2% interest rate for another, lower rate. This was after I paid off some of the 7900. The checks were sent out and I was so releived to not be paying 22% interest. Now, I am repaying my debt to one of my parents via the bank at a 2% interest rate. I recommend a CD for paying down credit card debt. I also cut up my cards and only use a debit card with the exception of one credit account to pay fo internet access. That is AMEX and has to be paid off in full each month so there can be no more messing around. Reason #2 why I used a Beatles song title? I have alot of thier CD's and that was part of unwise spending. I would never part with them and enjoy them, but I would have saved more.
Now, my only question to anyone out there. Where do I go once I get to the point that I have paid off the CD, which should be by April or May as I can pay a lot of it each month. What would be some good and sound investments to finally get money working for me and not me working for money. I'm only 25 but already sick of debt, etc. I want to be smart with my money and never have to worry about "bad debt" again. Any advice appreciated. Granted I can't take it as an "absolute stock recommendation" or anything like that, but would like at least some sort of guidline or options for possible decisions down the line from people with better financial skills or more experience than I have got. You can also email me at: edcrawf@bellatlantic.net

Thank You In Advance.

Edward Crawford
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement