I've just settled one of my debts!
@Citizen_Stuart (2016)
March 4, 2010 10:32am CST
Admitedly it was my smallest debt. I had £320 outstanding on an old credit card. I'd been paying the debt collection company £10 a month, but I worked a lot of overtime recently and the money I earned gave me a chance to settle it in full. I phoned the debt collectors and asked if they could give me a discounted early settlement figure. They said they'd accept £230.33, so I paid by debit card and they'll send me a letter confirming that they've accepted that as full and final payment. It feels great when I pay off a debt, it's been a long time since I've had the chance to do that. I do still have several other debts, which run into the thousands, but it's one less monthly payment to worry about, and it's a step on the road to eventually being debt free!
1 person likes this
9 responses
@TheAdvocate (2392)
• Philippines
29 Mar 10
I know the feeling. My responsibility in the house to pay off all the credit cards debts that we incurred when we went through a rough patch. I am now down to just seven (7) credit cards from more than twenty (20). It is a good feeling every time I finish one card. I celebrate by charging a card again (not!)... I hope to finish all of it soon.
1 person likes this
@TheAdvocate (2392)
• Philippines
29 Mar 10
Thanks! The going has been so slow that I was beginning to feel hopeless. I have the same plan as yours actually, so keep going! Good luck!
@rhodzptc (1317)
• Philippines
1 Jul 10
You said that it was the smallest right? but those amount when converted in our currencies it is really huge. I used credit cards not because I don't have money to pay but because I want to gain some points but I have the money to pay for my item purchase it's just that I wanted to benefit from those credit cards so I'm using them and I pay them immediately too. I'm afraid to have debt because I can't sleep properly thinking of it.
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@Citizen_Stuart (2016)
•
1 Jul 10
If you're going to have credit cards, paying them off in full every month is definitely the correct way to use them. Unfortunately I wasn't always as self-disciplined as I am now, but at least it's a lesson I've learned. Thanks for your reply.
@gewcew23 (8007)
• United States
4 Mar 10
Yes it is a great filling to get out from under debt, even it is just one of your debts. Get out from one then move to another. Sooner or latter you will have none. I at one time was under a mountain of debt, but through hard work frugal living the only debt I owe now is my mortgage.
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@Citizen_Stuart (2016)
•
4 Mar 10
That's good to hear Gewcew, and I'm glad you got yourself out from under. Thanks for replying.
@nanayangel (7877)
• Philippines
30 Jun 10
Hi there Citizen Stuart!
I'm happy for you! You're right! It feels great when you finally settle a debt especially if you've been worrying about it for some time. I haven't really experience having a debt of big amount but I am bothered and can be restless even for ones that are just small amounts of money and even for things that I borrow and was not able to return right away. Congratulations on your first step to being debt-free and I hope that you succeed in no time.
1 person likes this
@Citizen_Stuart (2016)
•
30 Jun 10
It'll take a few years before I settle all my debts, but as long as I make progress I'm happy. Thanks for replying.
@6precious102 (4043)
• United States
5 Mar 10
Congratulations! I, too, am trying to get out of debt. I pay at least the minimum on each of my bills, but am saving so I can make a lump sum payment on the debt that's the smallest. After that one is paid off, I'll work toward paying off the next with the lowest balance.
@Citizen_Stuart (2016)
•
5 Mar 10
That's also my plan. I reckon if I can pay my smallest debts first, I can then use the money saved from the monthly payments to pay down the bigger debts a little bit faster. We'll get there in the end. Thanks for replying.
@Auntiescarf (842)
•
9 Apr 10
Well done, one of the biggest mistakes I made was getting a credit, and I know the relief of finally paying something off, at least now you will have more money every month, and can concentrate on some of the other debts now! I know you say this one was small but if you think of the amount you would have paid with the interest included then you will realise how much you have saved by paying it off early. So congrats! Good luck with the rest!
1 person likes this
@Citizen_Stuart (2016)
•
4 Mar 10
Cheers Niltusk, and good luck with your own progress. I take the attitude that small victories now lead to bigger victories later on.
@puccagirl (7294)
• Israel
26 Sep 10
That's great! It is a wonderful start I think, and every bit counts! Keep up the good work! (I hope you have managed to pay off more by now)
@ReViewMeMedia (3786)
• United States
9 Nov 10
It's good that you're finally getting yourself out of debt. Just keep up the good work and you'll be debt free. It's a good thing you want to be debt free and I wish you well in your endeavor.
