How I attacked my $10,000 Credit Card Debt

Today’s post is about the strategy I used to get myself out of credit card debt.  Eight months ago I had almost $10,000 of consumer debt.  I knew that January 1st was going to be when I had my personal financial revolution but getting to that date was beginning to become overwhelming.

I had a mountain of debt, and it was slowly breaking my back as well as my psyche.  Things were not going well.   At the time, I had two credit cards.  My Visa had a limit of $1,500 and my Amex had a limit of $15,000.  Surprisingly throughout 2008, Amex kept raising my limit without asking me (I started 2008 with a $4,000 limit).  The Visa had a 27.74% APR (yikes!) and the Amex had an APR of 17.24% (a post on lowering your APR will be coming in the near future).

Carrying debt can be an overwhelming burden

Carrying debt can be an overwhelming burden

Now, there are always two methods that people suggest for paying off credit card debt.  The first is to pay off the highest interest rate card first.  This makes economic sense as it will end up costing you less in interest fees in the long run.  The other method a lot of people recommend is Dave Ramsey’s debt snowball.  This involves paying off the card with the least debt on it first, allowing you to feel like you are making progress towards your goal of being debt free.   He describes it as building momentum as you pay off your debt.   I really like Ramsey’s method as it involved setting goals, reaching milestones and achieving successes.

What was I doing 8 months ago?  Neither of these methods.   I had studied advanced economics and I wasn’t following simple economic theory.   I always try to use common sense when approaching a problem, and I wasn’t following the common sense method of Dave Ramsey.  Instead, I was playing mind games with the worst possible opponent, myself.  I was desperately trying to get that large amount of debt on my Amex down to help my psyche.  In order to do this, I was letting more debt add up on my visa (with its higher interest rate) and barely making progress on my Amex bill because it was so large.  I was in debt and being dumb about it.

So how do I find myself where I am today with paid off credit cards?  It was by combining the two methods discussed above.  I paid off my Visa quickly, reaching a milestone and stopping the accumulation of higher interest charges.  With only one card left to focus on, I threw every dollar I could at my Amex bill, eventually going from being in debt to having accumulated cash when I received my tax refund for the year.

While it turned out that I was combining the two aforementioned strategies, it was my singular intention to use Dave Ramsey’s debt snowball method.  I feel having several small milestones (paying off one card at a time) on the way toward a larger goal (getting out of consumer debt) is the best way to feel progress as you are trying to climb a mountain of debt.

If you had a similar story, or took a different approach to getting out of debt that you want to share, please comment or email me at bscheur@gmail.com.

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How I attacked my $10,000 Credit Card Debt

Today’s post is about the strategy I used to get myself out of credit card debt.  Eight months ago I had almost $10,000 of consumer debt.  I knew that January 1st was going to be when I had my personal financial revolution but getting to that date was beginning to become overwhelming.

I had a mountain of debt, and it was slowly breaking my back as well as my psyche.  Things were not going well.   At the time, I had two credit cards.  My Visa had a limit of $1,500 and my Amex had a limit of $15,000.  Surprisingly throughout 2008, Amex kept raising my limit without asking me (I started 2008 with a $4,000 limit).  The Visa had a 27.74% APR (yikes!) and the Amex had an APR of 17.24% (a post on lowering your APR will be coming in the near future).

Carrying debt can be an overwhelming burden

Carrying debt can be an overwhelming burden

Now, there are always two methods that people suggest for paying off credit card debt.  The first is to pay off the highest interest rate card first.  This makes economic sense as it will end up costing you less in interest fees in the long run.  The other method a lot of people recommend is Dave Ramsey’s debt snowball.  This involves paying off the card with the least debt on it first, allowing you to feel like you are making progress towards your goal of being debt free.   He describes it as building momentum as you pay off your debt.   I really like Ramsey’s method as it involved setting goals, reaching milestones and achieving successes.

What was I doing 8 months ago?  Neither of these methods.   I had studied advanced economics and I wasn’t following simple economic theory.   I always try to use common sense when approaching a problem, and I wasn’t following the common sense method of Dave Ramsey.  Instead, I was playing mind games with the worst possible opponent, myself.  I was desperately trying to get that large amount of debt on my Amex down to help my psyche.  In order to do this, I was letting more debt add up on my visa (with its higher interest rate) and barely making progress on my Amex bill because it was so large.  I was in debt and being dumb about it.

So how do I find myself where I am today with paid off credit cards?  It was by combining the two methods discussed above.  I paid off my Visa quickly, reaching a milestone and stopping the accumulation of higher interest charges.  With only one card left to focus on, I threw every dollar I could at my Amex bill, eventually going from being in debt to having accumulated cash when I received my tax refund for the year.

While it turned out that I was combining the two aforementioned strategies, it was my singular intention to use Dave Ramsey’s debt snowball method.  I feel having several small milestones (paying off one card at a time) on the way toward a larger goal (getting out of consumer debt) is the best way to feel progress as you are trying to climb a mountain of debt.

If you had a similar story, or took a different approach to getting out of debt that you want to share, please comment or email me at bscheur@gmail.com.

776 Responses to How I attacked my $10,000 Credit Card Debt
  1. Butt Plug Review
    May 19, 2018 | 5:15 pm

    Here are a number of the sites we suggest for our visitors

  2. Butt Plug Review
    May 19, 2018 | 6:53 pm

    below you will discover the link to some websites that we think it is best to visit

  3. roxyrolla
    May 19, 2018 | 11:10 pm

    The best way to enjoy her is with your pants down!

  4. Rabbit Vibrator
    May 20, 2018 | 12:03 am

    below youll locate the link to some web pages that we think you must visit

  5. Rabbit Vibrator Review
    May 20, 2018 | 12:08 am

    Every the moment in a while we pick blogs that we read. Listed beneath are the newest web-sites that we select

  6. Bullet Vibrator
    May 20, 2018 | 12:17 am

    I really like and appreciate your blog article.Much thanks again. Much obliged.

  7. Burglar
    May 20, 2018 | 12:39 am

    He’s going to steal the credit cards in her purse!

  8. هاست وردپرس
    May 20, 2018 | 2:34 am

    thank you75

  9. theellenshow
    May 20, 2018 | 3:16 am

    Check out the fake tits on this beauty!

  10. Wild Orchid Vibrator
    May 20, 2018 | 4:30 am

    Sites of interest we’ve a link to

  11. Evolved Wild Orchid Vibrator
    May 20, 2018 | 4:42 am

    the time to study or pay a visit to the content material or web pages we have linked to beneath the

  12. persian tar
    May 20, 2018 | 5:17 am

    thank you9

  13. Velvet Plush Zuma Vibrator Review
    May 20, 2018 | 6:13 am

    here are some hyperlinks to websites that we link to since we think they may be worth visiting

  14. خرید vps
    May 20, 2018 | 7:36 am

    thank you8

  15. Classic Vibrator
    May 20, 2018 | 7:40 am

    that will be the finish of this post. Here youll discover some sites that we believe youll value, just click the links over

Trackbacks/Pingbacks
  1. how to build your own clock
  2. pa speakers
  3. parts of a clock
  4. sync system clock
  5. wireless synchronized clocks
  6. فیلتر شکن قوی رایگان
  7. Clock repair parts
  8. how to build your own clock
  9. School bell system
  10. parts of a clock
  11. clock Inserts videos
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