Quote:
Originally Posted by koland
Oprah's show had 225 people with CC debt, totaling over $2.29 million. About $10K each, but they also had ringers there that had written in (on gal had $80 in CC debt, plus had borrowed about 30K from her 401K; another couple had about 80K in CC debt and $200 in savings, no retirement, etc).
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It's no wonder our country is in a recession. This get it on credit attitude is a problem.
I currently carry no credit card debt, have no car loans and am paying double house payments (doubling principle) amount each month. I can't wait for my mortgage burning... I hope it's before I am 50.
One good tip is to find an extra $100 by cutting out luxuries... and applying it to your highest balance credit card. Once that is paid off, roll all that to the next one then the next. Eventually you will be paying them off faster... once done start applying them to your mortgage if you have one.
The only savings you should be doing while in debt (in my opinion) is to maximize 401K match. That is usually the best ROI you will every get.... unless you are a stock market guru.
BOb
EDIT: Of course debt payoff plan only works if you STOP using the credit cards.