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05-08-2013, 07:25 PM | Topic Starter |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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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!
Last edited by Dante84; 03-19-2014 at 05:51 PM.. |
Posts: 19,972
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05-08-2013, 07:28 PM | #2 |
Would an idiot do that?
Join Date: Nov 2000
Location: Arizona
Casino cash: $1354931
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mint.com
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Posts: 56,532
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05-08-2013, 07:30 PM | #3 |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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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.
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05-08-2013, 07:39 PM | #4 | |
Would an idiot do that?
Join Date: Nov 2000
Location: Arizona
Casino cash: $1354931
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Quote:
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.
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Posts: 56,532
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05-08-2013, 07:44 PM | #5 | |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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Quote:
My biggest waste of money is definitely food. That is for damn sure.
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05-08-2013, 07:28 PM | #6 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
Casino cash: $808244
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You have a $100 minimum on a balance of $500?
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Posts: 35,045
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05-08-2013, 07:31 PM | #7 |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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Well, thats my minimum, that I set. I'm sure its something stupid like 30 bucks, but it's my highest interest debt source.
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05-08-2013, 07:29 PM | #8 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $250477
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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.
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Posts: 40,769
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05-08-2013, 07:39 PM | #9 |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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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...
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05-08-2013, 07:43 PM | #10 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $250477
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Posts: 40,769
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05-08-2013, 07:47 PM | #11 |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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hmm
How long does the 0% rate typically last on these cards? And what does it spike to when that time ends?
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05-08-2013, 08:00 PM | #12 | |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $250477
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Quote:
Most of the offer that come in are 12 months or so but keep your credit good and at the end you can ALWAYS roll over to another 0% cc offer. |
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Posts: 40,769
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05-08-2013, 07:31 PM | #13 |
Supporter
Join Date: Aug 2000
Location: Utopia
Casino cash: $3818454
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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. |
Posts: 61,971
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05-08-2013, 07:37 PM | #14 |
Tossed Salad & Scrambled Eggs
Join Date: Jan 2009
Location: ATX & OPKS
Casino cash: $331996
VARSITY
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I like that idea, but do you suggest smallest first, or highest interest first?
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05-08-2013, 07:42 PM | #15 |
No Keys, No Problem
Join Date: Sep 2000
Location: Denver
Casino cash: $3913136
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