ChiefsPlanet - Money How Fast Can I Become Debt-Free?

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How Fast Can I Become Debt-Free? (https://www.chiefsplanet.com/BB/showthread.php?t=272902)

How Fast Can I Become Debt-Free?

The answer was 10 months.

Today I paid off the car; last month the credit card (it ballooned up to 2k after necessary flights and the holidays). I got a new job 6 weeks ago, as I mentioned in another thread, and it has been a Godsend.

Thanks for the thoughtful advice in this thread.

My next objective is to save my ass off. What are some good goals to shoot for? How many seperate piles should I be creating? (House, ring, future kids, retirement, etc..)

original post:

Spoiler!

You have a $100 minimum on a balance of $500?

OK . Take out a 0%credit card. I know you surely get offers . And pay off everything. Just honor your CC commitment and don't be late.

Quote:

Originally Posted by Bearcat (Post 9669388)

mint.com

I do have that, but the delay on those reports makes them irrelevant. I get updates with 2-week old info, and its never completely accurate.

I want to plan going forward as opposed to combing through incorrect, delayed reports.

Quote:

Originally Posted by KCUnited (Post 9669391)

You have a $100 minimum on a balance of $500?

Well, thats my minimum, that I set. I'm sure its something stupid like 30 bucks, but it's my highest interest debt source.

Debt snowball.

Pay off the smallest debt. Put that payment onto the 2nd lowest debt....
Find ways to save money, find ways to make extra cash.
Use that extra income for debt reduction and then eventually savings.

I recommend several things and none are easy.

One, cut up the credit card
Two, eat at home and make your lunch
Three, see if you can delay (defer) any student loan debt until the credit card debt is gone.
Four, get a second job..something that is night work but has little time commitment
Five, do things on the cheap. Got a date? Take her to the park and do a light outdoor activity.

Attack your highest interest debt after you rid yourself on the small debt.

Looks like about six months if you are aggressive.

Quote:

Originally Posted by Iowanian (Post 9669407)

Debt snowball.

Pay off the smallest debt. Put that payment onto the 2nd lowest debt....
Find ways to save money, find ways to make extra cash.
Use that extra income for debt reduction and then eventually savings.

I like that idea, but do you suggest smallest first, or highest interest first?

Yeah. Should be easy with discipline. I'd love for my monthly expenses and payments to look like you're. Damn kids.

Austin?

4 words: Bull McCabe's for Smithwick's

(Ok...that did not help at all.)

Quote:

Originally Posted by Dante84 (Post 9669401)

Why is it 2 weeks old? Your accounts should update every time you log in, so I guess unless you're mailing checks or something, it should be up to date... and you can set budgets and goals, too, so it's not just a tool to view the past.

I'd hit the highest interest debt first, then like Iowanian said, use that payment amount to help pay off other debt. The biggest thing I do when I want to save some cash is stop eating out... when I first signed up for mint, I didn't even realize how much I was spending.... didn't have cable at the time, but more than made up for it with trips to BWW.

Quote:

Originally Posted by Hog Farmer (Post 9669396)

OK . Take out a 0%credit card. I know you surely get offers . And pay off everything. Just honor your CC commitment and don't be late.

I considered that, however, isn't there an extra charge for paying off a loan or credit debt with a credit card? If so, I don't want to incur more fees...