No. of Recommendations: 0
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.


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.