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Do you have a debt-reduction plan?

No judging please - many of us have learned about debt the hard way, myself included.

We are living smaller and working on our debt in chunks. The worst debt goes first and so on. We've made great strides and plan to be rid of it ALL (including mortgage) within 5 years.

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Asked by Nonoluna at 11:21 AM on Mar. 3, 2011 in Money & Work

Level 19 (7,831 Credits)
Answers (14)
  • I don't have any debts, good for you and your plan.

    Answer by older at 11:22 AM on Mar. 3, 2011

  • My debt reduction plan is to start taking full advantage of a company that offers me everything I want, including a great 401K, benefits, etc. I don't have debt per se, but I am concerned about retirement some day. LOL!!

    Answer by m-avi at 11:22 AM on Mar. 3, 2011

  • Proud of ya! We already reduced ours too. Its awesome.

    Answer by okmommy08 at 11:22 AM on Mar. 3, 2011

  • We are working on ours right now. We got rid of a lot of our smaller debt with our tax return.


    Answer by JeremysMom at 11:25 AM on Mar. 3, 2011

  • When I had multiple credit card balances I paid off the smaller balance first and then worked my way up. I now just have 1 credit card balance. It will be paid off with our 2011 tax return. In 2012, the only debt we will have will be our car payment and house payment. NO MORE CREDIT CARDS!!

    Answer by Snewo at 11:25 AM on Mar. 3, 2011

  • Great plan! We are officially debt free as of yesterday!!!

    Answer by tiddliwinks at 11:26 AM on Mar. 3, 2011

  • Good for you for establishing a plan! Since 2008 my husband and I were able to pay off all of our debt which included numerous hospital bills, 3 student loans, a credit card, and a car. And we were also able to pay cash for our wedding and a 2004 cadillac... and didn't go into debt after having our son. We didn't do it alone though.. my sister introduced us to this called Financial Peace University led by none other than Dave Ramsey. I dont want to sound like I'm trying to sell a product... but it changed our lives FOREVER! If you really want to beat your debt and never let it take over... I highly recommend checking it out. We are now saving for a house, and in the next 8 months we will have approx $25k-$30k saved... because we are living solely off my husband's income and mine is going straight into savings. If you don't check out Dave, kudos anyway for making a lifestyle change.

    Answer by 1st_time_mom23 at 11:37 AM on Mar. 3, 2011

  • I only have the house left, but I use Dave Ramsey's program and absolutly love it. I paid off 46k in 16 months.

    Answer by Candi1024 at 11:49 AM on Mar. 3, 2011

  • After May, all we will have is SO's car and the house.

    Once we pay something off, we take that monthly payment and add it to the next thing we are paying off. We don't end up with any extra money by doing this but in the long run, we will have plenty.

    Answer by Jademom07 at 11:49 AM on Mar. 3, 2011

  • Once upon a time we had debt. We also used Dave Ramsey like a previous poster said. We paid of over $34k in a little more than a year. Right now we are paying off our mortgage. Getting out of debt requires a lot of sacrifice and being willing to change. I applaud anyone who does it. Good job!

    Answer by slw123 at 1:01 PM on Mar. 3, 2011

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