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Author: snerge One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308847  
Subject: Re: 1st Post/Newbie starter question Date: 6/20/2002 1:23 PM
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Unfortunately, I am carrying a lot of CC debt which is how I found TMF in the first place. I am working on the emergency fund--$20-25/week.


How much is "a lot of CC debt"? Not knowing that makes it very hard to give any specific advice. I started dealing with my credit cards when i was $25,000 in debt and making just a few thousand more a year than that. What level of constraints you put on yourself financially to pay off your debts depends on how long you need to keep the new plan going. If you have a debt that you can pay off in a year choosing to live WAY below your means might be worth it, but if you're in it for the long haul (like I was) you probably need to work out a more sustainable plan.

The most valuable tool for doing either is figuring out how you spend your money now by writing down everything you spend for 3 months and putting it all in a spreadsheet. Then you can make choices for yourself as to where you want your money to go. Getting amounts other people spend can be helpful to see if you are out of the norm or not but your starting point should really come from where you're at now.

Snerge

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