This is going to be exciting Friday

[RoadToRiches]

;D


This Friday, I am getting paid. I been waiting for this day since my last paycheck lol...why? Because one of my biggest, highest APR cards will be paid off this week! WOOHO!

GE Money Bank card.. uugghh... 2600 bucks at 24%. Paid off in two months. Made $1700 last month and will make $966 this Friday and this biznitch is GONE! Out of my spreadsheet! zippp...deleted...no mo!

This is my first victory in my "getting out of debt" plan. First card.. fully paid off.

It's amazing when I looked at the payment history on that card. 87 bucks every month, month after month.. just paying it and paying it.. balance barely moving. I been paying that for years.

Funny thing is, right after my $1700 payment posted last month, they called me asking me if everything was ok. uhhmm...

Next up, small Amex of $690 bucks, will be paid off in May 15th.

I checked my score and it jumped 30 points just by making one huge payment and lowering my debt/credit ratio.

This is also, the longest ever that I been able to keep on track with my money and doing the envelope system. I have to say, I freaking love it! It's so simple. I never run out of money now. It feels weird. Like I am in control? a grown up? Finally? maybe? huh?

Sorry, I am giving myself props here a little...but I just love the feeling. It feels sooooo good. I don't have to worry about GEEE-EEEE Money Card anymore!

That is all..now back to your regular scheduled program.

[Deleted]

Great post!

So many people give up and say it's too hard. Good for you!

Someone made a post a month or two ago that this digging out it supposed to be hard so you never do it again.

[dividend]

I love your posts about your debt snowball! I totally relate to that feeling like you can't wait for your paycheck to apply it directly to your debt. Keep it up, and keep posting about it - we'll cheer you on every time.

[RoadToRiches]

Thank you ;D

It's really not HARD.. well.. I should say...paying those things off is not hard at all. Just make sure money is there and pay it. What's hard is flipping that switch. Changing my way of thinking about money. Thinking, I don't NEED that newest iPhone 4. Changing that "lifestyle" of living on more than you make is hard. That is HARD. It's something that just hits the person. I would KNOW that there is a problem, but I wouldn't do anything about it. I would just be on this boat in the middle of a river...without an engine..wherever the river will take me, that's where I will end up. Well, I decided to put a damn motor on my boat and go where I WANT to go. Really hard to explain, but once that moment hits a person when they realize," Ok, I need to get out of this.. this is no way to live.. I need to change how I do things because this is not working", the hard part is done. Rest is just going with the flow of the program

I was actually talking about this with my buddy, who is doing the same thing. We kind of teamed up together and we keep each other motivated with this stuff. We often talk about things like "Can you picture how awesome it will be next year? No credit card payments? All this money to your disposal? Where are you going to invest your money?" It's cool to talk about those things.

[Deleted]

I think these props are well-earned. Celebrating your progress is what will help you stick to this new lifestyle, so "woohoo" away!

[RoadToRiches]

Thank you crafty!

In celebration, I have decided to hit the Rent-A-Center and finance brand new washer, dryer and big 60 inch LED TV on my new, no balance GE Money Card! WOOHOOO!!!!


I keed, I keed!!!!!

[RoadToRiches]

tbird, believe me, once I am in a position to play the rewards card, I will

My thinking changed a lot. I see no reason to get sumtin' sumtin' for free if I can use rewards card and then use the envelope money to pay it off in full. Right now though, I am in a behavior changing mode lol but I am getting there though.

[debtheaven]

Yay you!!! We're going away for a few days and I won't be here on Friday, so let me give you an early congratulations!

I posted asking you for an update on the WIR board the other day, glad to "see" one here!

[Jake 48]

Keep up the good work

[debtheaven]

Indebt
Thanks, saw your post!

I looked at your spreadsheet and you will be paying on 14% - 16% CCs through Oct.

IMO you should keep your eyes open for another BT. It's not worth it for the Amex you're paying off in May since that's next month, but it could be worth it for the others. Just a thought!

And it's great you have a friend to share this journey with!

ETA: Also, don't forget to give yourself a little "treat" every time you pay off a card, it will help keep you motivated longer-term.

[RoadToRiches]

debtheaven, thank you!

Actually, that spreadsheet is little messed up. I changed BMW and Patelco cards.

This is the fastest way possible to pay it off and paying the least interest. I used CNN Debt calculator.

If I can find AND get approved for balance transfer, I would. But I doubt that will happen. My credit score is not that good.

I decided to put my progress in my sig.

[debtheaven]

If I can find AND get approved for balance transfer, I would. But I doubt that will happen. My credit score is not that good.

Maybe not right now, but it's going up, right? It's already gone up 30 points and you've had a call from the CC you're paying off asking if everything is all right LOL. So my guess is that you will start getting BT offers.

Great idea for the signature! As you can see I do the same thing lol.

I just LOVE LOVE LOVE your posts because so many people here post with CC debt and then go on to explain at great length why they can't do this, or that, or the other thing. It's not their fault, yada yada yada. If they put half as much effort into paying it off as they do into explaining why they can't, they'd be on their way out, just like you are.

[Cookies Galore]

Awesome news! It really is a great feeling when you pay off a card, even if there are others in line. I paid off a card in December and it was great to click "submit" on that payment, but the ultimate feeling for me will come next month when I make my last debt payment EVER!!!! Your credit score may not be great now, but it will improve. In November, I got my first ever 0% CC offer, and I have to admit, it felt really good, like I was getting recognized for my hard work. So keep it up and you will start seeing great results!

[RoadToRiches]

Oh for sure, if I could get a nice offer for balance transfer, I would! Cool thing is, that the last two cards are at 0% so I am set there.

I am glad you like my posts That's why I post on here. There is lots of smart people here that have been successful with money and becoming wealthy. Why not learn, right? Posts from Phil for example, really put fire under my a$$ because I feel like I am missing out on building wealth. So the faster I pay this crap off, the faster I can start using my mulla like Phil, for example! I want to get to the point where money works FOR ME, not other way around. But first thing first, gotta get rid of this nasty high rate cc debt.

[debtheaven]

Yay Meghan! You're so close!

ETA: I assume you mean consumer debt, right?

[RoadToRiches]

All I have is consumer debt. My car is paid off. I do have mortgage, but it's really like 26% of my take home pay. These cards, have to go though.

[Gardening Grandma]

indebt,
Just wanted to say you have a great attitude! Keep up the good work!

[workpublic]

[thyme4change]

You know what indebt - that IS exciting.

I feel excited. Woo Hoo!

[RoadToRiches]

Thank you everyone!

On another positive note, I earned $2.50 on my ING account in interest on my $1100 bucks emergency fund. WOOT!

That's another thing. I never had emergency fund before. Ever since I got it now, it seems like life is kinda boring...nothing happening. no Murphy or his family...they usually stop by without a call or any notice...probably don't like me no mo

[busymom]

Way to go indebt! Isn't it a GREAT feeling? Keep it up, and you'll be "livin' the dream" in no time!

[RoadToRiches]

Thank you all.

So I couldn't help myself and did some playing around with my all mighty spreadsheet. Man, if that stuff doesn't motivate me, I don't know what would.

So, in December of this year, 2011 I will be all done with credit card debt. Just stay with me here.. I know this is not counting if anything crazy happens. But my budget is pretty set and it considers all expenses.

Ok, so...this year, I pay everything off. Now coming into 2012, I have no credit card debt. *gulp* So now, I am bumping up my "fun" money a little bit and my "groceries" money. Not much, but now I can breathe a little bit. So let's have some nice food and little more fun.

Ok, so that's done.. we are cruzing through 2012, same budget like I have now...but saving money. I have no cc debt.

What happens in January 1st of 2013? Well, I have $13,855 in a bank! UGH! Almost 14 grand in a bank? Me? Really?

Ok, so let's take this a step further. Let's say, by the end of this year, I decide to re-fi my place. Let's just do 30 years at the low rate I could find today of 4.9% (just stay with me)...

Now, my mortage payment is lower and entire 2012 I am saving. Living nice but saving... putting my mulla into savings.

With re-fi ....by January 1st of 2013, I would have *GULP* $17,287


Little over year and a half! I just can't imagine it. This is not even considering where I would put that money into! This is no interest money!

Sorry, I just get really excited when I look forward a year or so...

In matter of 2 years, I have opportunity to go from 17k in debt to 17k in savings. All I gotta do is say no to instant gratification and stay on track!

[busymom]

I like to "play with the numbers" too, just to see what the possibilities are. Lookin' good!!

[azphx1972]

You're doing great, indebt! You've definitely got the right attitude. I look forward to reading more good things from you.

[Deleted]

[TrixAre4Kids]

Congrats! You are doing amazing. And thank you, thank you, thank you, for posting! It's been kinda of a bummer day so far for me but your post brought a big ole ;D to my face!

[RoadToRiches]

Oh my! WOW.. I am like...34 Karmas deep! WOOHO!

I will update all of you on Friday. First thing I will do is, update my signature!

[RoadToRiches]

Woohooo!!! Oh yeah.. this feels freaking awesome!

I was waiting last night until 1am hoping my paycheck would hit my account, but no luck. So I woke up earlier today and before work, I sat down, opened my spreadsheet, Quicken and my online bank account and paid that thing off! $966 bucks! I am done with this card FOREVER! They will never get a penny from me again! One down!

As soon as I get home today, I will pay the rest of my stuff. I can't wait to update my sig with new balance! ;D

Now I just have to wait when that payment goes from pending to completed status!

[happyscooter]

That is great news!! Congrats!! ;D Anybody remember the episode on Friends where Rachel stopped using her dad's credit cards and the CC company called her to see if she was OK? And she looked at the other 5 and said 'yes'.

[strider]

It is exciting to get out of debt. Good for you. Which reminds me. I need to update my thread if it's still around.