Has anyone here ever had to dig themselves out of debt? Has anyone had any success in doing so?
I got myself into 9k of credit card debt over the last couple of years. At the beginning of this year I finally realized that I was sick of having my cards all but maxed out and feeling like I didn't actually own the money I had in my bank account.
I started reading some online money advice blogs and listening to some finance radio shows to get myself motivated.
Now to be clear, I know how to set up a budget. My dad taught me that when I was 6 when he started giving me an allowance as a kid. I know how to track my money and do all of the things you need to do to 1) avoid getting in debt and 2) dig myself out. The problem was that I have trouble following through, especially with no accountability and no devastating results if I don't dig myself out right away - i.e. I was paying my minimums and no one was kicking me out because I was paying rent on time.
But I knew it was time to get in charge of my money so I could start building instead of just floating along.
Anyways, I'm happy to say that after hiring my math & money oriented sister (who needed the money anyways) to be my accountant, I have successfully payed off my first credit card in full, a balance of 3k! I am so excited! The $100/mo investment in hiring her has been well worth the money she is helping me save by getting all up in my business and making sure I stay on track. Now if I want to make a purchase I have to rationalize it not only with myself but with her as well. That alone probably saved me more than $300 a month - avoiding impulse purchases that I didn't need.
I now have my bigger card to pay down (the remaining 6k) but having this first card all finished is a real booster for me! It's a very freeing feeling.
Does anyone else have any debt stories? How did you make yourself stay on track? What motivated you to push through?
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