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I need some motivation people! I want to commit to reducing my credit card debt this year; but, it seems a bit overwhelming. Please share stories of how you reduced your debt. Maybe that can psych me up to keep sacrificing and paying off these debts. Thanks!

5 Thoughts on What is the most debt you have eliminated in a year?
  1. Reply
    July 8, 2011 at 8:49 pm

    Always pay yourself first. You get your paycheck, take 10 or 20% out of it – the more, the merrier – and save it for yourself. The rest use on living expenses and paying down your debt.


    If you can, try to transfer your high interest debts to lower interest accounts, or even those that may have zero percent APR to start . That will help you out!

    To answer your question, $ 25,000 in one year! 🙂

    Good luck!

  2. Reply
    July 8, 2011 at 9:24 pm

    Hide your card and don’t use it. Only pay for things you really need with cash. Pay as much of your balance off as you can. When it reaches 0 then pull your card out and use it on things that you could pay for in cash. Do not use it to buy things that will take you more than a month to pay off. Always pay the balance off in full each month.

  3. Reply
    July 8, 2011 at 10:10 pm

    I worked hard, saved, and always paid my bills on time. Throw away your credit cards (don’t use them for evey-day items, pay cash.) I only have and use ONE credit card. I paid my house off and have no auto loan.

  4. Reply
    lisa s
    July 8, 2011 at 10:13 pm

    YOU can do it.
    I decided that I would not go out to eat lunch every day while at work
    On the days that I needed to go out to eat if I could find a wendy’s I could get a side salad and a bowl of chili (with plenty of FREE crackers) and a cup of water for about $ 2.10.
    I was amazed at how much I saved by just cutting out the ‘canteen’ while at work. If I needed a soda, I brought it from home…
    I paid my niece (age 7) to be the ‘light police’ ! I went to the store and got a few rolls of dimes…everytime she would catch someone leaving a room without turning off a light she would get paid…she loved doing it and since it was so annoying my son got way better about doing it.
    The biggest way that I saved money was taking a list to the store….(and eating before I went). If it was not on the store I could not buy it…that way I knew before hand nearly how much I was going to spend….and it forced me to actually MAKE dinner for the week….which of course doubled as lunch the next day…..
    I also sold quite a bit of stuff on ebay. If I hadn’t worn in within two years….ebay was going to help me find someone who could…this was a ‘double bonus’ because it forced me to clean up…..
    Lastly, I dedicated HALF of my income tax refund to managing debt!
    Before I did ANYTHING else HALF went to pay down debt.
    SInce I had two cards, I paid one of them off completely which allowed me to double up on the other
    If you have small children – check out garage sales for great finds on clothing..often times you can get an entire summers worth of clothing for a 5 6 or 7 year old for less than $ 20.00 at a yard sale in one of the more exclusive neighborhoods in your town.
    I went to one last year where everything I could fit into a bag was $ 2.00. i stuffed it full of jeans that he could pay in while playing at the daycare or outside….

    Which brings me to ‘washing clothing only twice per week’
    This allows me to make sure that I have a full load of clothing
    Guess that is it for now but I did want to say that YOU CAN DO THIS
    and a little sacrafice now will reap you loads of happiness later

  5. Reply
    July 8, 2011 at 10:25 pm

    I began focusing and paying off my debts starting in 11/2006 and I found a great calculator at, the exact link is What this link shows you how to do is the snowball effect which basically means that you pay off your highest interest rate cards first, not matter what the balances, and as soon as one card is paid down you take the money you were paying on it and apply it towards the next card that has the highest interest rate. As I stated before I was absolutely determined to pay down debt and so I actually took a second job for 6 months. During this 6 month period all checks went to the payment in addition to my normal payments I was already making, and my total amount of paid off debt equaled about $ 8000.00. I have to say that was a long 6 months but if you look towards the goal and what it will feel like when the debt is paid, that’s the real motivation. Good Luck on your goals for the New Year!!!

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