$92k on 17 cards? I can’t even imagine what the yearly interest payments were. Glad to hear they are zeroed-out now. Keep 1 or 2; cancel the rest and destroy them. Pay cash if you can.
Used no credit counseling service, just listened to Dave Ramsey.
IMHO, reading thru the link, it looks more like a promotional story for a specific “credit services” operation.
I don’t get why there are 7 pages to this story. Each page is about a paragraph long. They’re not even driving ads on each page. Stupid format.
Credit card debt needs to be avoided, especially at the usurous rates they charge. Everybody with debt problems is there primarily because of credit card debt. But eating beans to pay off your mortgage, especially at today’s fixed rates? That IMHO is foolish. Refinance to a current low fixed rate. In a few years when interest rates are back up where they belong, you will look like a genius sitting on your 3.5% mortgage. If you are into the austerity thing, then eat beans and amass cash or take advantage of today’s great real estate bargains.
What would even been better if they never acquired the debt.
Congratulations, Mr. Bailey!
I cut up my AmEx card in the late eighties, and never looked back.
Great to see it can be done!
This can be done without the “credit services.” Debt Proof Living is just as good and very inexpensive. A person can buy the book and make it work. I’m afraid that with Obamawan we’ll never be able to get out of debt.
With the money supply being expanded at the rate it is, being in debt makes sense. I can’t bring myself to do it, but it makes sense.
Really not so hard to do it you take out another 20 credit cards.