No. of Recommendations: 1
Maybe there is another way to approach your debt paydown. How about sending in the minimum payments when you get paid, being frugal with your misc and entertainment money, pay your utilities when you know what they are, then send anything left at the END of the month as your extra debt payments?

Anyone else have any suggestions?


Well.... yeah.

I went through this same thing very recently. It turns out that that credit card that is your friend when you are short of cash is your greatest enemy when you can't pay it off next month.

How many cards do you have? Two, three? Is there equal debt on each one? What did I do when I realized that I had a lot of debt ($15,000+) in credit cards?

First, I took them out of my wallet. All but one. I kept one in my wallet to use when I really needed it (emergency gas money etc).

Second, I canceled my ATM card. I was getting so lost in how much money was in my account that I can't even describe it.

Third, I stopped buying anything that I didn't need. Booring life? No. I still went to movies and hung out with friends, but I didn't ALSO get that new CD I wanted, I just listened to the radio or the ones I already owned.

Then I proceeded to pay of my cards. I took the one with the highest interest rate and tackled it first. I made slightly more than the minimum payment on all my other cards (if the minimum was $60, I paid $75 or $100). Then I made sure that I paid any new charges on the one card that I allowed myself to use and all of my other bills.

Then after that I sent in all of the rest of my money to the one card I was trying to (kill) get rid of.

With some help from company bonuses (which can go a long way to paying off credit card debt) I have managed to get myself debt free.

This is what worked for me. I don't know if it is the most financially responsible but if you can get rid of your highest interest (loan) credit card first then you are spending less money on (nothing) interest.

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