UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next
Author: mjw3786 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308475  
Subject: Re: Credit Card Debt Question Date: 5/31/2013 4:02 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
That post actually looks like it was made by a bot, or someone who is trying to pad their post count for some reason.

Is there some board functionality that is disabled before a user has hit a set number of posts? maybe it's that.

on topic:

As someone who recently paid off over $60K in CC + Auto Loan debt, my suggestions are going to sound like much of what's been posted in here already [these are the same folks who supported me through my repayment-THANK YOU, Fools!]

1-Do you have a cash cushion for emergencies? I see you're still using a CC for spending even with large balances. This is manageable, but it is DANGEROUS. You got yourself in debt, you are capable of doing it again and with balance transfers / personal loans, the new damage can be even more catastrophic to your financial health and future. Look deep within yourself and find the source of your inner spender. Until you can resolve whatever it is that got you to this point, you're in danger of going down before you climb back up.

2-Don't look at all your remaining cash after basic bills as "snowball" money. You NEED to earmark some money for expenses, both regular AND irregular. There are some great "best of" posts here on Budgeting and LBYM. Get comfortable with those topics and post your budget for Fools to shred. It's a humbling experience, but it will help you look at your situation in ways you've not considered. Even if you don't take all the advice and apply it to your situation, you will be wiser for the process.

Best of luck. One payment at a time. Don't forget to reserve a little cash for fun! Completely cutting yourself off from life's little enjoyments is a great way to relapse.

cheers,
Mike
debt free for the first time since 1997
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Macro Economics

2.1: The Labor Pool Problem
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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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