Comments on: How to Quickly Pay Off Your Credit Cards

By: Money Infant

Money Infant — Wed, 14 Mar 2012 01:12:37 +0000

Oh those temptations…I know them well

Breaks are definitely a good way to refocus when you lose your sense of purpose.

By: MoneySmartGuides

MoneySmartGuides — Wed, 14 Mar 2012 01:06:31 +0000

I like the combination of strategies. Pay off the smallest balance(s) first to get the number cards with a debt on them to a manageable number, then start hitting the cards with the highest interest rate to save money.

By: Aloysa @ My Broken Coin

Aloysa @ My Broken Coin — Tue, 13 Mar 2012 19:22:55 +0000

It would be so nice to pay off 4K in foour months or less. But life gets in a way. And life is full of temptations. I do agree with everything you said, but sometimes it is really hard to stay focused all the time. Breaks can help.

By: Money Infant

Money Infant — Tue, 13 Mar 2012 12:57:35 +0000

The European vacation sounds cool, we would like to see France and Italy some day.

Your balanced plan is a good one. I have to imagine with that much debt you would burn out if you didn’t use some of it as blow money or for savings.

By: WorkSaveLive

WorkSaveLive — Tue, 13 Mar 2012 11:13:50 +0000

A mountain of debt is correct – stupid student loans!

I won’t say we have something planned. Our hope is to go on a European vacation before we’re 30. This would also coincide with us getting out of debt…so hopefully that happens.

I would also say that we constantly have goals to work towards, even while paying down the debt. I believe you have to have balance, so we’ve been attacking our debt but we’ve also been doing other things: building savings, saving up to buy a car (separate savings), going on vacation, etc. Although, after the debt is gone our focus will be on retirement savings and rental properties.

By: Nick

Nick — Tue, 13 Mar 2012 03:25:24 +0000

Haha! It’s ok. You got it now…

By: Money Infant

Money Infant — Tue, 13 Mar 2012 01:48:36 +0000

Yeah and it was the 2nd time. I’m a slow learner

By: Money Infant

Money Infant — Tue, 13 Mar 2012 01:48:12 +0000

Thanks Nick. Considering your will power I would expect you to go after the higher interest debts first. There can be positive reinforcement in that too, but it requires the willingness to accept delayed gratification. Since it is the lack of this willingness that got many people in trouble in the first place it is best to take it out of the picture.

By: Money Infant

Money Infant — Tue, 13 Mar 2012 01:45:11 +0000

I was always puzzled too, but found that I needed that psychological push you get when paying off the smallest debts first. Plus with over 12 credit cards it was just becoming too overwhelming to keep track of them all. Once the first few were gone it became much more manageable and was an easy transition to switch to the higher interest debts. Plus by that point I had much more on a monthly basis to throw at those higher interest (and higher debt) cards.

By: Money Infant

Money Infant — Tue, 13 Mar 2012 01:43:00 +0000

I know how disheartening it can be to look at a huge number when starting to pay off your debts. It doesn’t matter too much which debts you choose to pay off first, just choose one and then attack it with all you’ve got. Focus on that one debt as if the others didn’t exist. As you begin to get momentum it will get easier and easier.