No. of Recommendations: 11
In Nov. 1997,I found myself in $13,500 credit card and loan debt. I was living in an apartment and driving a 9 year old car. Today, I own my own home, bought a new car(do have a payment),my credit card debt is $1334.00 and I have a very small PaineWebber account.I started writing down everything I spent meticuously every day. I recorded even a $.35 phone call.I had bad credit from a hospital stay, so I could not start getting intro offers until early 1999. By knowing where my money was going,I was able to make extra payments on the highest cards. Every time I paid off something I would apply that to my next highest loan or card.
I use the intro rates and do not accumulate debt. If my old car had not of been totaled when someone hit me my credit card debt would be paid off.I do use credit freqently,BUT! I subtract the purchase from my checking account.It saves on checks,BUT! you must have the discipline not to spend what is left in your available balance from your checking. In addition you must allocate extra money to your debt or it WILL NOT come down.With my cash back on one card,the savings I get by using less checks, and the interest that I get from my checking,I pay NO INTEREST on my card(that includes having a card with a Intro RATE). After buying groceries on a credit card and seeing the investments, I have made I know that it is worth the time.I hope this information will help someone as much as I have benefited from it.
Print the post  


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.
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.
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.