Climbing out of Debt

For just about anything you want to get off your chest about credit cards.
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im_mr_awesome
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Climbing out of Debt

Postby im_mr_awesome » Wed Jun 19, 2013 6:31 pm

Right now I owe about $8k on cards with several nearly maxed and one over limit. For a while I was underemployed and used cards to make up the difference in my income. Never again.

My plan is to pay off two cards this week, then pay about $200/week on one card while maintaining slightly more than minimum monthly payments on the other cards. This will leave me with less debt each week, and within the month, I'll have two cards paid off and a third nearly paid off. I'll continue this, snowballing each month until I'm debt free, minus my car and student loans.

Hopefully I can climb out of debt before the year is over and put all this behind me.

Does anyone have a glorious after-debt story to tell? I'm certainly looking forward to ditching some crappy cards, raising my scores, and adding an AmEx charge and an AmEx revolver to replace my worst cards. Next stop is house shopping in about 5 years!
Scores on the mend...
FICO: 650 and holding
Cards I Use Chase Amazon Prime VS, Capital One QuickSilver MC
Sock Drawer Discover IT, AE Visa, CareCredit, CreditOne (keeping for history for now). Various store cards for history and utilization padding
Short Goal Reach 680


MemberSince99
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Postby MemberSince99 » Wed Jun 19, 2013 6:47 pm

I don't really have any glorious story about it, but congrats to you for getting things in order after what you went through. It sounds like you are moving in the right direction and that's great!

I guess my philosophy now is based on the experience of knowing how it snowballs and eventually buries you and you can't get out. I am fanatical about treating them as debit cards. It's very difficult to get yourself into trouble that way.
I guess the only good things I can say is as a result of living with only a debit card for many years, that behavior became a habit and that is a good thing.
And getting back in with Chase and Amex.

im_mr_awesome
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Joined: Fri Apr 12, 2013 4:47 pm
Location: Indianapolis, IN

Postby im_mr_awesome » Wed Jun 19, 2013 6:54 pm

I'd say earning a spot back in with prime lenders after charge-offs is a pretty happy ending, 99!

I've banked with Chase for years and besides maxing out and subsequently paying off my Amazon Visa card, I think I've been a good customer for them. I certainly used to pay enough overdraft fees... I might go for a Freedom or Sapphire card after I'm out of my little hole. Not sure. I have a few things I want to ditch, and there are a lot of options for me; I'll just be happy to see a credit card statement with a $0 balance :D
Scores on the mend...
FICO: 650 and holding
Cards I Use Chase Amazon Prime VS, Capital One QuickSilver MC
Sock Drawer Discover IT, AE Visa, CareCredit, CreditOne (keeping for history for now). Various store cards for history and utilization padding
Short Goal Reach 680

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Wed Jun 19, 2013 7:22 pm

You will, hang in there and keep up the great work!!!



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