Almost Free From Credit Card Debt

iVillage Member
Registered: 11-15-2008
Almost Free From Credit Card Debt
4
Sat, 11-15-2008 - 5:03pm
I have been paying off my credit card debt for over 3 years now, and I am nearing the end! It has been a long struggle and now I can barely wait to be free from it! Christmas will be sparse this year...but that is okay because there is no way I am going to use my credit cards.

The funny thing is that I've been so focused on putting all my money towards credit cards (and living paycheck to paycheck) I'm not sure I know what to do with actually having a little extra money each paycheck. What's next? Save?

I think I'm worried that without that 'focus' I will end up back where I started!...and I don't want that to happen!



iVillage Member
Registered: 04-12-2007
Sat, 11-15-2008 - 6:23pm

Good for you!

iVillage Member
Registered: 04-10-2003
Sat, 11-15-2008 - 7:12pm
Hahaha Robyn you beat me to it! I was going to say the exact same thing!!! Perhaps to stop yourself from "relapsing" you could take a set amount each week for "fun" money . . . to reward yourself for your hard work!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."



Bex -

iVillage Member
Registered: 03-17-2003
Sat, 11-15-2008 - 9:00pm

Congratulations.

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Sun, 11-16-2008 - 1:16pm

I know that feeling - got it earlier this year when I paid off all our unsecured debt and HELOC!

I'd put it first towards a fund to cover living expenses for 3-6 months; then you can rest easier knowing that if you lost your job unexpectedly, you'd survive without having to use credit cards to get by.

Then invest it; today I'm transferring some of my money from a savings account to CDs, which had pretty good rates when I looked a month ago. The cash I have in savings is money I may need to draw on when I write my daughter's first college tuition check in 18 months, so I don't want to take any risks with it. My 401k is already down by 25% and I'm disinclined to put any more money into stocks for another 3 months.

Make sure you tell us when your debt is gone so we can celebrate with you!

Kelly