How long did it take you to get out of debt?
By cutepenguin
@cutepenguin (6430)
Canada
September 25, 2008 11:57am CST
Between deciding to get out of debt and getting out of debt, how long did it take you?
it's taken us a while because for the longest time, Dh didn't have a job. But now we've decided to go at it with everything and try to pay off 20K worth of debt in 5 months. We figure that we survived for so long on just my income, we can now apply his entire income and some of mine to the debt. I'm just not sure this will work. It seems like it should, but at the same time, it feels like there is a hidden flaw in our plan.
2 people like this
3 responses
@CRSunrise (2981)
• United States
13 Mar 09
It's going to take us a while to get ourselves out of debt. Right now, we're taking it one bill at a time. We almost have our medical bills paid off. Once that happens, we're going to work on our credit cards. It's just going to take some time since we have only one income coming in. Once my husband gets back to work, it'll be easier. Now, if I could get a year where they wouldn't tack finance charges onto my account, I could get my account paid off a little faster.
@cutepenguin (6430)
• Canada
13 Mar 09
Yeah, it takes longer with just one income. And even with two incomes, we didn't manage to pay everything off as fast as we wanted, although we did pay off quite a bit, we still have a long way to go.
Finance charges really add up, don't they?
@CRSunrise (2981)
• United States
13 Mar 09
Yes, they do add up. My advice for anyone that has the option of not having to pay on your credit cards is still pay something on it. During the time, there's not interest added to your account, so the payment would go straight to the principal. I know some people's credit cards have that kind of option if you meet certain circumstances.
@KrauseHome (36445)
• United States
29 Sep 09
Well, my husband and I worked hard to improve our Credit Rating and such to where it is at today by paying off some major bills and such to where we are pretty much now just paying off things as they are due. We still have Credit Cards which we owe on, but are trying not to use them unless it is an Emergency as well. I feel especially in this Economy if you can it is very important to try and get caught up and keep caught up with all of your Bills, Credit Cards, etc. as you never know when you might not be able too as well, and then you might regret not doing so when you could.
@ANTIQUELADY (36440)
• United States
13 Feb 09
u can do that if u really try. just watch your p's & q's & learn to do without things u don't need & don't have to have. i never used credit cards & i think u can really get in trouble w/them, my son & his first wife did. u learn to live w/in your means. u don't buy unless u have the money to pay for it. where there is a will there is a way. believe me it's a great feeling not to be in debt. i was working & doing fine & then i had a stroke. if i hadn't put back money for a rainy day i'd been in a mess. you never know what's going to happen so be prepared for most anything.
