Has anyone out there paid off a substantial amount of credit card debt and how did you sacrifice to do it?

Answer 1

The best way that I have found is to find a bank that is willing to work with you to consolidate into one monthly payment. If you do that, then you may only need to cut back on a few things, such as going out to eat all the time or buy the small luxury items that you really don't need (CD's, DVD's, etc.)

Answer 2

I determined that it was worth my while to work with a credit counseling agency. Although they charged me a fee of $10.00 a month for their services, the reduction in interest charges they were able to negotiate for me more than made up for that fee. At that time, I had only one credit card left to pay off. (I'd originally had 4.) My payment to the agency totaled $86.00 a month, which was quite managable. Also, budgeting has always been difficult for me, as it is for any compulsive gambler like myself for which I still struggle, but the best advice I ever got came from a close friend of mine who suggested that I open up a savings account with an online bank and begin to deposit some money from my weekly paycheck into that account so I could begin to build up some savings and, in addition to that and more important for me, have less access to my own money from which to gamble with. In both cases, it has worked marvelously well. I didn't even have to sacrifice too much to do it, because I was already putting the money aside partly for that purpose. I've been debt free for just over a year now. There is no greater feeling in the world.

I wish you the best of luck.

Answer 3

I sat down, and wrote out what my monthly bills were, and how much I honestly needed to spend to eat, and live. I took that number and stuck to it. Then I listed all my credit cards and what the APR's were. I paid the highest interest rate off first while making the minium on the rest, When that was paid off, Iused the extra $$ each month to add to the next Credit Cards payment. And so on down the list untill they were paid off. It took me about a year to get Credit Card debt free.

Answer 4

Trade in your car on a cheaper one to lower those payments, cancel your cable TV, have a garage sale, find your most expensive possession and sell it on E-bay at no-reserve on auction, get a 2nd job working nights, cancel all of your credit cards and only pay with cash, make it a rule not to eat out for a year, collect every last penny of change from around your house and take it to the bank and turn it into cash.

Those are the soft-core answers. If it's getting to the point where your kids can't eat, then give away any family pets, go to a cash advance place and get a paycheck or two in advance, ect.

Remember, money problems aren't solved with money. I could give you $25,000 right now, and it would hurt you because you wouldn't learn to change your money habits.

Answer 5

Good question Lisa. Generally, the first thing you need to do is sit down and write out a budget on paper. Find out where your money goes and how much. Then use envelopes to ration your budgeted money thruout the month. These principles are explained in Dave Ramsey's book The Total Money Makeover; and most are available at www.daveramsey.com

Get started on the budget today, and you'll feel much better and in control. Good Luck

Answer 6

Receive a random large inheritance and wipe the slate clean! Completely debt free for 9 months!!!

Answer 7

budget or bk it