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Readers Respond: What are You Doing/Did You Do to Pay Off Your Credit Card Debt

Responses: 5

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A zero balance on a credit card is a beautiful thing. Tell us what you're doing/what you did to get your credit card(s) paid off.

Cutting Debt

I contacted my credit company and said I have this much to satisfy my debt. I'll pay you if you report to the agency that it's settled. They took it. We've cut back on spending, lowered all our bills except our car payments. We may even sell one car and I'll ride the train to work.
—Guest Andrea

Reduced $13k Credit Card Debt

I managed to rack up over $13,000 of credit card debt and have nearly paid it off in 3 years.
—Guest Ian

Change Your Expectations

Paid Off 30k in credit card debt and personal loans in 12 months. I changed my expectations, and decided my life-style should be based in financial reality. I decided that paying down debt was my number one priority. I started reading anything I could find on how to live frugally. I implemented numerous cost cutting ideas, such as using a price book and coupons, bundling services, and shopping for better insurance rates. I started making dinner at home, I canceled all memberships and magazine subscriptions. Anything and everything to reduce fixed monthly expenses. On top of that, I opened a second bank account. I pay all the household bills from one account using automatic bill pay. The second account I deposit a set amount of money for my "living expenses." When it's gone, spending is over. Any and all money left over goes to payoff debt. For me the way to succeed was to change material expectations and make debt reduction a priority.
—Guest GeorgiaD

Going "all Dave Ramsey"

My husband and I paid off our school loans (about $7,000) and about $5,000 in credit card debt in three years by following a budget my mom taught me....much like the Dave Ramsey method...except I didn't have to pay for the seminar! LOL! Pay off the smallest balance with the largest amount you can afford. Pay just above minimum on all others. Then once the first paid off, add that amount to the next debt, all the while paying just above the monthly minimum on others. It really works!
—dstoeck

Paid Off Five Cards

Many decades ago, my husband's business was not doing well. I found out by accident. At that time I had sold a small business and was receiving payments monthly. What I did was gather all of the credit card statements for one month. I believe there were five of them. I immediately began paying the minimum payment on each one ... within a couple of months, I took the smallest amount owed on one credit card - approximately $200.00, and begin paying double and triple the amount owed. Within a few months THAT particular debt was paid. Then I would take the money I was no longer spending on that card and apply double and triple and so on to the next lowest card, until they were all paid off. My husband could not believe how simple my plan was and doubted it could work but it did. He learned his lesson. No credit card debt now. Pay off is after 30 days only, or ELSE!!!! Money remains a touchy issue with me!
—Guest Guest

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