No. of Recommendations: 0

That's truly terrific! I applaud your thinking on paying down your debt!

A similar thing happened with my sister who had accrued a massive debt on her cards. She, too was making only minumum payments, and when I asked her why, she told me that she was trying to squirrel away a little in the bank.

When I made her calculate the measely interest on her bank account, and then calculate what the mounting interest on her cards was doing to her, I made her realize that the FIRST thing she needed to do was to pay herself first by paying off those cards.

She realized that she was actually saving more money by eliminating the debt.

With that now behind her, she is now truly able to save, and is also working on building that nestegg into something substantial to invest with.

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.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
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.