Paying off my credit card debt!

iVillage Member
Registered: 11-13-2004
Paying off my credit card debt!
7
Sat, 02-25-2006 - 7:40pm
I have decided after much thought that I am going to "borrow" against my savings to pay off my credit card debt totally!! It has taken me about a YEAR to save up what I owe in credit card debt! I keep kicking myself and thinking how much money I could have saved and KEPT had I not gotten into credit card debt in the FIRST place! I vow never again. I have had it! I work TOO hard to throw my money away to credit cards! I will still have $10,650 in savings after I withdraw the money to pay off the cards, and I am considering the money to be a "loan" against my savings, not a withdrawal, so that I HAVE to put it back or else! I have some of my cards cut up and the ones that aren't cut up I have them wrapped in layers of nylon tape so it will be too much trouble to get at them!! LOL!! Then I am going to work on paying off my student loan and nursing loan and replacing the money from savings! Wish me luck!!
iVillage Member
Registered: 02-12-2006
Sat, 02-25-2006 - 8:40pm

Wow, you go! I'm sure you will feel so relieved to just have them paid off. And you will stil have a chunk left in savings for emergencies. Good for you!

I'm striving to pay off my cc debt this year also...still plugging away at it.

Photobucket
iVillage Member
Registered: 11-13-2004
Sun, 02-26-2006 - 7:16am
Yeah, it will definately be a relief, but I am so upset with myself for letting it happen! I could've been doing so much better had I not been so stupid! But this is definately the right thing to do, and I plan on replacing the money as soon as possible. I think I will feel better once the money is back in the account safe and sound! LOL! But now I can take the money I was paying toward the credit cards and stick that back along with what I was saving before, and I'm hoping that it won't take long to replace. I'll see how it goes!
iVillage Member
Registered: 06-18-2004
Sun, 02-26-2006 - 9:34am

Great plan and good luck.

Way to go.

Kellie

iVillage Member
Registered: 08-19-2003
Sun, 02-26-2006 - 10:01am

Hey scorned!

I think thats excellent that you saved up so much money! Your next step is to decide what your fully funded emergency fund will need to be. If its $10k, then stop saving, and moving on to contributing to your retirement & childrens college fund. If its $15k or $20k, then save to that figure and move on to the next step.

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 11-13-2004
Sun, 02-26-2006 - 11:29am
Yeah, I was originally going to save to $15,000, but when I recalculated, I realized that I would need about $20,000 instead. So I will work on that number, and see where I am by the end of the year. I also figured that I could jump up my nursing loan payments and have that paid off by the end of the year for sure.
iVillage Member
Registered: 09-25-2003
Sun, 02-26-2006 - 4:11pm
That sounds great! You'll save a lot in interest, I bet. (And peace of mind).
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 02-27-2006 - 6:04am

That is fantastic news! I am so happy for you.

All my best,
Danni