No. of Recommendations: 0
After a series of job losses (Business closures)my wife
and I were wallowing in a massive amount of credit card
debt. With just getting by for several months it became increasingly discouraging to read our credit card statement each month and realize that 3/4's of our payments were getting eaten by interest. We made the decision that we were going to just "suck it up" and pay the things off as quickly as we could. I have now been able to get back into my professional field and have the money to make rather large payments. We do not have 3-6 months of savings, instead opting to put all extra money into paying off credit cards. We are operating under two assumptions 1. If we saved 3 months of emergency money, we, in reality, are actually saving 3 months of emergency money to pay off credit cards, 2. Credit cards are evil, they are direct solitications from satan himself. I say that jokingly but entertain the possibility of its validity as a motivational factor. So, I encourage all of you to get rid of your debt now and not let it ride another month of minimal payments. I am also very anxious to begin my personal investing as I have learned how in the Motley Fool, but it will wait until "Satan" has all of my credit cards back in his hands.
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