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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Credit Card Debt Question Date:  5/31/2013  4:02 PM
Author:  mjw3786 Number:  307047 of 312988

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.

debt free for the first time since 1997
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