When StinkBrain and I moved in together, we didn’t have any financial support or savings, so credit was an easy way to make sure we had what we needed. We also had nothing but our clothes and a set of furniture SB got for helping someone move. So in addition to working and selling whatever we could (including that furniture set), we used credit cards to build a home together. One thing we can say is that we got everything we have ourselves; no inheritances, no bootstraps, no help. While we may have established a home, we slowly crept into debt.
Our balances kept on rising even as we were making regular payments so we decided to pay them off completely. It sucked. We cut back on things like eating out, reduced our cable and other expenses, used groupons, clipped coupons, and generally tried to spend less whenever possible. We also stopped using them altogether. That made it easier to see what our balances were as we paid them off, and got us in the habit of only purchasing what we could afford at the time.
Today, we have 0 credit card debt. None. Not a penny and we’re pretty damn proud.
Also, with a little bit of extra butt hustle, this happened:
We’ve paid off our first student loan! We’ve been paying off our student loans like we’re supposed to, but they’re not moving too much. I have more loans so we’re working on paying mine down, hoping that we can get Brain’s forgiven somehow. Sallie Mae wasn’t my largest loan, but it had the highest interest, 9%. So I felt like we were getting nowhere with our payments. Fortunately, we had some cash after we finished paying off our last two cards to pay this fucker off. I’m glad that at least one is done.
Now that we don’t have any credit card bills and one less loan to pay off, the money that usually would go to those payments will be saved/invested and some will go towards paying off our remaining loans. One day, hopefully this year or the next, we’ll be completely debt free. Then maybe we can consider purchasing a house or two 🙂 Hey, if we can do it, you can do it. One day/credit card at a time.
Pay off all credit card debt by June 1st