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Credit changes

Many people have been in several thousand dollars' worth of credit card and other types of debt over the past few years, and have dug themselves out. What's your story? How much debt were you in, and how did you dig yourself out? How did you avoid debt if you haven't had it, or haven't had it in a while?


Asked by musicpisces at 5:03 PM on Oct. 18, 2010 in Money & Work

Level 45 (195,010 Credits)
This question is closed.
Answers (4)
  • We weren't terribly deeply in, but we paid it off with...either our tax refund or fall bonus, can't remember which, cancelled the card, got completely rid of it in one fell swoop. It was lovely! Currently our only true debt is our mortgage & vehicle payment - not trying to dig ourselves out as it's not killing us, it's normal for us.

    Answer by Anonymous at 5:08 PM on Oct. 18, 2010

  • The largest amount of debt that we had at one time was $34k in 2008, plus our mortgage. We heard about Dave Ramsey and his book The Total Money Makeover. I checked the book out at the library, we followed his 'baby steps' for getting out of debt. We have since paid off all of our debt and we are currently working on paying off our mortgage. We are still following Dave Ramsey, it really worked for us. There is an awesome group on here called Dave Ramsey Fans too. The women are so supportive and helpful.

    Answer by slw123 at 5:47 PM on Oct. 18, 2010

  • We've never had it except for our house and cars. We avoid the big debts by not making purchases we don't need and paying our credit card bills off in full every month. If we need to buy something expensive like an appliance, for example, we always ask about financing so we can pay it off same as cash in X number of months. If that store doesn't offer, same as cash, we go elsewhere.

    Answer by HotMama330 at 5:13 PM on Oct. 18, 2010

  • What's your story? $10,000 in credit cards from a failed business.
    How did you dig yourself out? Dave Ramsey plan. Inch by freaking inch. We got on a budget, took every extra shift available. Total we were in debt about $20,000. We've paid off all but $3000.
    Haven't had it in a while? Cut up the credit cards! Live on a budget. It doesn't have to be restricting. Get rid of the debt so that you'll have the money you need for retirement, college, emergency fund, giving, and of course, the fun stuff =)

    Answer by Erica_Smerica at 10:09 PM on Oct. 18, 2010