Now starting to be in good standing
@Masihi (4413)
Canada
June 2, 2011 4:26pm CST
Those of you who know me I gotten myself into a pyramid scheme and totally maxed out all of my credit - 2 credit cards and line of credit. I've had 2 creditor companies suggest that I go for bankruptcies.
In May I finally started to pay down the principle of my debt, so it's been 12 consecutive months that I been successfully paying down the debt's principle. I looked at both of my credit card statements and couldn't get over how much I've actually managed to get under my credit limit! I was really surprised, and now the task doesn't seem so daunting anymore. It's giving me a feeling of accomplishment. I can't get over how a welfare recipient can get so far!!!
LOL I'm just so excited...and I hope this story encourages anyone else who looks at their debt as daunting.
1 person likes this
6 responses
@kingparker (9673)
• United States
22 Jun 11
Wow, that is an encouraging story to tell. I absolutely need to follow your shoe on this. You are a great example for me to work on my debt. Probably my debt is greater than yours, it might take another year to work on. I wish that I can get rid all of them as soon as possible. That is my goal. In the mean time, I need to save some extra money for myself too.
@Masihi (4413)
• Canada
22 Jun 11
I'm very glad and relieved that I inspired someone, so many people out there give advise on how to manipulate credit cards and loans which only lead to complications, when all we need to do is to live within our means.
As for saving I"m still trying to figure out how to save and budget at the same time, for now I'm just trying to put as much money onto my credit cards as possible, but I think this year I'll do some saving, perhaps $20/month or something close to that amount. (After the summer, since summer time is always very hard financially for us.)
1 person likes this
@GardenGerty (169530)
• United States
22 Jun 11
Our church offers the Financial Freedom class, and although I have not taken it, I have heard very good things about it. One of the things it stresses is that along with paying down your existing debt you need to be paying in to an emergency/savings fund of $1000 minimum, so that when something comes up you do not have to take on more debt to deal with it. I did this one time, but we have not been able to get back there in the past year, since my hubby lost his job last October. I had the $1000, and actually we ended up with closer to $2000 worth of household repairs, but did not have to go into debt at all for it. It is a blessing to be able to do that.
1 person likes this
@marguicha (230350)
• Chile
3 Jun 11
Congratulations, Masihi! I know how easy it is to start a spree and how difficult it is to turn back and start doing it right. I discovered 3 years ago that I had begun to be a chainsmoker and was spending more money in ciggies that I spent in food. One day I decided to stop and seeked medical help. It is not easy to do it with help. Alone is next to imposible. Sticking to a budget must have been the same for you than what it was for me quitting smoking. There are withdrawal symptoms. But when you reach a certain point, as you have reached now with your debts, it´s so rewarding and exciting. Keep at the good work!
1 person likes this
@marguicha (230350)
• Chile
22 Jun 11
You can tell us about your daily reached goals. We can hlp you by being with you and you will feel proud of all small things which add up.
@Masihi (4413)
• Canada
22 Jun 11
Yes, you're right, we ex-spenders do go through withdrawal symptions. I'm an ex-smoker myself, but I only smoked 1/3 of a pack a day, I only smoked when I felt stressed out, but it was hard even to quit because I had to find another way to relieve my stress.
Budgeting is actually a lifestyle change, you have to priorities your needs and wants, which was hard to do.
@GardenGerty (169530)
• United States
2 Jun 11
That is something positive in your life. You have made a budget and you have stuck to it and that is great. Do not let anything bring you down.
1 person likes this
@Masihi (4413)
• Canada
22 Jun 11
Thank you for your kind words, sorry I missed your comment 3 weeks ago, somehow it didn't show up in my notifications that anyone replied. Strange. Anyway, I'm defintiely doing so much better now than I was when in that pyramid scheme.
@bounce58 (17380)
• Canada
2 Jun 11
Although I didn't take a direct route, I too have started a journey of getting into 'good standing'.
Late last year, I was able to get out of a mortagage debt that was going nowhere. I've managed to get approval to move over my debt to a bank which has successfully made a plan for me that I could manage. And a month or so ago, I've moved to a new job which could also help in reducing all my debts.
It's still a bit daunting for me, but I am getting there.
Congratulations to you!
@Masihi (4413)
• Canada
22 Jun 11
Tkhat's great news, any step in the right direction will go a long ways especially when combined with determination and how bad you want to be debt-free.
@hardworkinggurl (37062)
• United States
2 Jun 11
Sounds like all is going well withe the debts balances. Great idea to budget/plan and stick to it as you have. Hopefully soon you will be debt free.
@Masihi (4413)
• Canada
22 Jun 11
Yep, it looks like now I'll be debt-free within 6 years. I initially calculated 7 years last year, and since we're 1 year and 1 month into paying down my debt's principle, so we're now on a countdown - 6 more years to go :-)
@keihimekawa (2007)
• Philippines
8 Aug 11
It's great to hear that! I've been trying to get out of the debt slave case for 2 years now and I haven't even gone through half of it T_T I'm planning to hit those ones with small amounts then move slowly to larger ones but I'm afraid of the interest I have to face after I pay all those small ones T_T
@Masihi (4413)
• Canada
9 Aug 11
That's exactly what I"m doing now, actually, and paying the interest of my larger one, I really want to use this year to get at least 75% of my credit card debt paid down, because I want to work on that big debt as soon as I can. I initially set 6 years to get my debt paid off, but am hoping to somehow work mathematical miracles to pay it all down in less time.
