Financial Housekeeping Challenge Day 11: Pay Down Debt

[Cafe Kristin]

First thing’s first: Stop spending. Easier said than done, we know, but if you don't truly need it to live, don't buy it. Keep in mind, "It's not a bargain if you didn't need it in the first place." Keep only one credit card for emergencies, and cut up the rest. Try to live on cash only.

Caryn, our guest expert from Chase has some terrific tips for paying down debt here.

Do you have debt? What is your plan for paying it back?

If you missed yesterday's activity, you can find it here. You can sign up for the Financial Housekeeping Challenge here.

[4kidz916]

I don't have any credit cards or credit card debt.  My number one rule is to live on cash only.

[scooby747]

I only have a cash in advance loan to pay back i am putting money in the bank each month when i do this i can go renew it 100 dollars less each time. Its almost done woot woot!! :}

[Amy127]

That is our current financial goal. Ccs Are done with And we're paying off our balances. Our goal is to be done by the end of the year.

[othermom]

We will be paying off our credit card debt with our taxes, then work on paying off some medical bills. Other than that all we have is our mortgage. We only have one credit card, half of it's balance is from when our stove cracked and we had to get a new one. Part is from getting my computer which we would have gotten with taxes anyways

[ShirreeM]

We have no debt!!!

[ZoeCY]

We have never had a credit card so we are good in that aspect.  We did however borrow some money from my sister which we have been paying off slowly and will finish it up with our tax return.  Other than that we just have our car loan.

[momto3isme]

I just paid off all our credit cards with our tax refund. The only debt we have right now is our truck pmt, ins., and cell phones.

[ReesesPieces]

We don't have credit cards and have an emergency fund for emergencies. When you have an emergency fund, you don't need a credit card for emergencies.

[MissyB1011]

I've used my credit card once in the last year. It feels good to know that the balance is getting paid down and I am less in debt every month.

[Moms_Angels1960]

We don't get any refunds EVER back and we have lots of debt and credit cards. My goal this year was to get my Menard's card but... then the fridge went out needed that, then the microwave went out needed that then the car heater went out as cold as it is here I had to get that fixed and as early as yesterday our house furnace quit needed that. So no saving just seem to be spending still have lots to pay off.