This Holiday Season, I Spent $2,500 and I Advise You All To Do The Same

[Yavin4]

That's right. I spent $2,500 to pay off and to get rid of one of my credit card bills that I had with me since college. I had planned on doing it much sooner, but Bush cheated his way into the White House in 2000. I have two more credit cards to pay off and my student loan. I'm on a mission to eliminate all of my debt in 2005 because the collapse will hit in 2006 and those with debts will feel it the most.

My Christmas gift to myself is the gift of NO DEBT, and I advise you all to do the same.

[John_Shadows_1]

1. the collapse is going to hit a lot sooner than 2006...

... but you'll be in a better position now , being out of debt.

[fnottr]

2. Good Work

:toast:

If we all start living within our means and saving up, then I think any tanking the economy does will affect us a lot less

[benburch]

3. Already there.

Paid off all my cards last month.

[demnan]

4. Very good advice!

I did that the last few years and bought a home this year. That's another thing, you can't take on the expense of a mortgage if you have a lot of credit card debit.

Now I allow myself to use the cards but I pay them off quickly and I feel guilty when I use the cards.

[seabeyond]

11. 1 credit card and i use it for everything, no guilt

pay due time, and only once a year fee. frequent flyer and other stuff. coolest card. bad company..........i have since learned. but they so take care of me

[raggedcompany]

5. good work

I am on the same crusade. It will take a while longer, but I'll get there.

It was long in the learning, but I got my lesson good a few years ago and haven't used credit for 3 full years. Eventually, I'll be out of debt, and I daydream about it. With no debt, I can forsake corporate wages, and work for less in a better environment. Oh, how I dream of the day.

As an added benehif, freedom from debt will make leaving the U.S. a hell of a lot easier, too.

[cmf]

6. We're doing the same

We are on track to pay off the remainder of our mortgage by October. It's our only debt. So when the shit hits the fan, at least we'll have somewhere to live.

[seabeyond]

12. ours is fixed rate, so i dont have to be concerned

right, lol

was just getting into how to set self up for disaster. what to do with our little oney we have in savings. what this will mean to our family financially

[Javaman]

7. I'm 1500 short dollars away from being debt free!!

I want to get a shirt that says, "net worth zero!" lol

[Radio-Active]

8. yeah, but if the dollar crashes,

it will take less to pay off my debt, no?

[Yavin4]

9. No, Because Interest Rates Will Rise To Compensate

the difference in the dollar. Your debts will double, and your prospects to get a job will be greatly diminished.

[samplegirl]

10. Peace of Mind

I think your right the collapse is comming sooner than most people
think. I've decided this year to cut spending on Christmas.
nothing charged. Im pretty much debt free other than my Jeep
payment. For those who dont understand it this year will just have
to live with it. Its a Bush/economy made for the Rodeo Drive
conservatives. Let em shop till they drop. I would think most middle class americans should be frightful of going in debt this
year.....much less support a bush economy.

[Butterflies]

13. That's a great idea

I've been working on my debt too, and I have about 4k left to pay off. I've been moving it to the 0% cards repeatedly, but this is the time to do some belt-tightening and get rid of it for good. I'm on track for no credit card debt by the summertime! (though the mortgage and car payments aren't going away.)

Reading about getting rid of debt on this site has been very helpful to me by counteracting the ridiculous commercialism saturating TV these days. Thankyou DU!

[Tracer]

14. I've read that ...

... constantly opening up new 0% credit cards and moving your debt, ruins your credit.

[raggedcompany]

20. it sure doesn't help

Imagine you're a bloodsucking money lender. It's hard I know, but try.
You are considering lending to John Doe, and you look at his report. Lo and behold, Doe has plenty of healthy debt for which he makes his payments on time, but he has moved that debt from lendor to lendor many, many times. That's a hallmark of the kind of thing you're talking about, and when the prospective lendor sees it, they know that Mr. Doe is not a likely source of blood. His credit is "good" in that he's made his payments on time, but it is also bad, because no one is making money off of him.


There is a reason that everyone from Aristotle to Jesus to Shakespeare to Malcolm X hated the money lenders.

[Blue Gardener]

24. They look at how much credit you have available

If you have a whole bunch of cards, even if you have nothing on them, is bad for your credit rating. You still have the ability to run them all up to the limit. I have one card with a low interest rate through my credit union. I seldom have more than a few hundred dollars on it, and only when I make a big purchase, like this computer so I can spend more time on DU. Should have it all paid off by January, then all I have is my mortgage payment.

[flygal]

15. I have been CC debt-free for over 9 years

and student loan debt paid off for almost 5. IT was hard at first, but you really begin to realize how much you spend on shit. I made my own lunch, didn't have a cell phone (Of course they're pretty cheap now), used the library for movies, no cable. We didn't eat out at Outback etc like our friends - I learned to cook. It was a great experience and taught me a lot.

I had to insist to the grandparents they curb the toys this year - my kids are getting jaded. And my husband and I spend money on trips (to cool cities, not disney or cruises) and buy locally made products.

And - paying off debt really pisses off the creditors. We get our balance raised every year. I think it's over $25K now - on ONE card ?!!

[Yavin4]

16. See The Frontline Special on Credit Cards

Whatever you do, pay them off, don't use them, whatever, they will still hit you fees left and right.

[yellowdogintexas]

17. Same here, one is completely empty,

the other three combined are about $7K but we are working on them.

I stand to receive a small inheritance from my Grandmother and from my mom, and plan to take a chunk out of those cards with part of it.

That will leave only the car note and house note as regular debt. All other cards are paid off in full each month (gas, dept store, etc.)

[Kazak]

18. We paid off all our debt a couple of years ago...

'Been building a savings account ever since.

Resolve, never carry a balance again.

[htuttle]

19. Same here

Paid off my last debt in 2001. Other than utility bills, we're all cash up front now. Much less stressful!

[datasuspect]

21. shit i'd settle

for a pack of smokes or even some buglers or tops.

$2500 might as well be a million

[superconnected]

22. no debt here

Mine were taken care of in 2001 as well. If I don't have the money to buy it up front, I don't need it.

[datasuspect]

23. no debt here

nor any money.

i really don't buy anything. you need money to buy stuff.

[shanti]

25. good for you!

i did this 6 months ago and think it's the best decision i ever made. the only debts i have now are my house and car notes. no more plastic ever again!!

[Ilsa]

26. That's great advice.

Save for yourself and your future.

[0007]

27. Buy gold

[mwdem]

28. Done & done again!

[JennC]

29. Well done!

We have one card with debt due to job change, lack of health insurance, cobra payments, etc etc. We have it on the front of the fridge with highlighter marking the amount and are ALL focused on eliminating. We bought a used Geo Metro today so we can sell our truck that has payments and save about 90$ a month in gas. All will go to paying off the card.

I feel cleansed : )

[goforit]

30. I salute you!!!............Yes get rid of all debt!!!

[One_of_8]

31. Great advice

And I will be doing the same. An elderly relative recently passed away, and when her estate is settled, I will be receiving a modest portion. I'm going to use that to pay off my two credit cards, and the balance will go toward my car loan. That will leave me with only my mortgage payment, phone, utilities, etc. but no debt with outrageous interest rates.