How did you get out of debt?
May 20, 2010 8:20 AM Subscribe
What are your success stories for getting out of credit card debt?
posted by anonymous to Work & Money (25 answers total) 29 users marked this as a favorite
I am employed full-time as a teacher (with a decent salary) and have revolving debts of $21,000 on several credit cards. 90% of the initial debt is from 2004-2006, during my junior and senior year in college. The rest is compounded interest. I have never missed a payment or gone over a limit, etc. I do not use the credit cards. I rent my apartment and live alone in a rust-belt city. I also have student loans, but those alone wouldn't pose a problem at all for me.
I am paying $700 a month for the minimums on the accounts, except for the smallest revolving debt, against which I pay triple the minimum ($160). I do not have cable TV, I don't take vacations, and I tutor to earn extra cash.
I am aware of Dave Ramsey's debt snowball and other strategies. I have read most of the excellent blogs that deal with this topic. What I am interested in finding out is how those of you who have accomplished it actually got out of debt.