Wednesday, February 11, 2009

Debt

I know so many people in debt. It seems like everyone I talk to
confesses to me that they have credit card debt that they can't
handle. And every time I talk to someone in this position, I tell them
what I did to get mine under control.

I will be out of debt as of 6/25/2010. I pay between 6 and 10 percent
interest rates. Luckily the 10% is on the card with the lowest balance.

I can't imagine facing the current economic situation with the kind of
debt I used to have hanging over my head. I'm so glad I started taking
care of it when I did, and only wish I had done it earlier. I wish I
could make everyone I know do the same thing. Once I pay off my debt
I'll be in a much better position to start saving for retirement. My
goal once I pay it off is not to use any of that payment to increase
my standard of living, but instead to put all of it into making up for
what I should have been saving these past 10 years. I think I'll meet
with a financial advisor when the debt is paid off to get real advice.

My first house will be in the floating city of new Chicago. (and if
anyone gets that- you're awesome.)


1 comment:

Chong Lee said...

Ugh...Credit debt sucks. A lot of people I know owe soooo much in student loans and credit debt. Sounds like a good plan u have. Just gotta stay away from spend on unneeded things..esp nowadays

I recently transferred my credit balance to a card w/ 0% interest for 10 months. I'll be paying it off in 6 months.

Good luck! U can do it!