Do you have a PLAN to get out of debt?

@maezee (32955)
United States
October 27, 2009 5:38pm CST
Or are you just going monthly to monthly and paying what you can? I ask because I've finally devised a plan to get out of debt - out of $1,300 of debt - over the course of the next few months. I've recently picked up a seasonal job, and I'm thinking if I pay around $500-$600 a month to my credit card bill, I'll have it paid off by the holidays. I have all of the numbers calculated in my planner; and I'm excited to say that I have a plan, at the very least - and I'm DONE just paying the minimum. What about you? Are you just winging it, or do you have a specific plan to get out of debt? How much debt are you in, and what's your plan?
1 response
@malamar (784)
• Canada
28 Oct 09
Good for you maezee! Having a plan to get out of debt is the only way to beat the minimum payment trap that so many people fall into. I wonder sometimes if people understand the huge, huge costs they pay in interest over the course of the debt. Paying off your credit card (and any other high interest debts) is a sure fire way to get out of, and stay out of, financial trouble. Once you are out of debt, devise another plan to stay as debt free as possible. Put any extra money (no matter how small the amount), into a rainy day fund to protect you from emergencies and unforseen expenses. You go girl!
@malamar (784)
• Canada
28 Oct 09
That's the way to do it marguicha! By paying off your credit card every month, you avoid the interest charges AND you get to use the banks money for 30 days or so while yours sits in the bank. Just never charge more than you can afford to pay off, and you are well on your way to avoiding debt in the first place. Good for you!