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    #1

    How did you...

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    ...or do you pay off your debt? I have some debt that I'd like to really stick to paying off in the next 3 years, max. It's about $8000, so not an insane amount, and I know it's totally possible to pay it off pretty quick.

    Give me all your tips and tricks!
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    #2
    We are in the same process of paying off some debt, so that we can start the process to purchase a house.

    My husband has some CC debt from before we were together that we really need to get payed off, asap! We came up with a strict budget of our regular bills, our groceries, gas, etc.. We allotted a certain amount to still going into savings, and then the extra amount that we may have normally used as spending money (out to eat or movies) will be going towards getting this debt payed off.
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    #3
    We have some too, which scares me if we become a one income household one day! I plan on taking extra money and making extra payments on some of our debts while DH is away in Basic. If he doesn't have much access to his money I will be able to put it towards bills! Other than that I cannot offer much suggestions, just keep paying and pay a little extra when you can. Id love to hear how others did it!
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    #4
    I've heard the key is to work on paying off your higher interest rate loans/ cards first.
  5. MilitarySOS Jewel
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    #5
    Quote Originally Posted by Noodles View Post
    We are in the same process of paying off some debt, so that we can start the process to purchase a house.

    My husband has some CC debt from before we were together that we really need to get payed off, asap! We came up with a strict budget of our regular bills, our groceries, gas, etc.. We allotted a certain amount to still going into savings, and then the extra amount that we may have normally used as spending money (out to eat or movies) will be going towards getting this debt payed off.
    DH and I did very similar to this--we sat down and made a budget and divvied up what was left over with most of it going to our credit cards since we hope to have them paid off before we move. We still each have money to spend but it's much smaller than what we used to spend.

    something else that really helped us was reconsidering where we were living and moving into a cheaper apartment to have even more spare money. We also found ways to lower our bills like cutting our cable package down and avoiding using electricity/ water as much as possible (i.e. we use candles instead of lights at night and keep the ac and heat higher or lower respectively than we normally would. I also turn off the heat when it starts to be warmer out and open the windows).
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    #6
    Definitely make a budget and stick to it. You'd probably be surprised at how much extra money you have when you aren't spending it where you shouldn't be. Also pay way way extra than the minimum payment. Anytime we are paying off a credit card we like to pay three times the minimum. Start with the loans or cards that have the highest interest rate and work from there.
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    #7
    Look up Dave Ramsey Debt Snowball!
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    #8
    Quote Originally Posted by kw1214 View Post
    I've heard the key is to work on paying off your higher interest rate loans/ cards first.
    DH had to go to a mandatory budgeting class after quite a few guys took out AR loans and this was one of the things mentioned. The guy doing the class stated to pay the minimum amount on the debt that has the lowest interest and pay extra on the debt that has the highest interest. Then once the one debt is paid off you can take that extra money and put it towards other debts.
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    I've heard people doing mixed things. Some pay off the smallest debts so they're more likely to stick with it because they see progress, and others pay off the higher interest first. I have the Dave Ramsey book and I'm slowly making my way through it. I also have a budget that I stick to pretty well. I'm just a money hoarder and don't like to throw chunks of change at things because "what if" so that's what I need to change if I want to pay it off
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    #10
    Pay off the highest interest debt first. Also, you can do a balance transfer to a new card that gives you interest free balance transfers for like a year. Then stick to paying that balance off while it's interest free. Shop around, there are lots of credit cards that offer those kind of deals on balance transfers. Find one that doesn't charge a transfer fee as well.
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