Comments on: Total Credit Card Debt Paid Off So Far…$20,100 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/ Our Journey to a Debt-Free Life Sat, 21 Nov 2009 08:35:00 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: steve http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-578923 steve Sun, 07 Dec 2008 06:54:16 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-578923 I prefer to think of my debt payments as savings--because (1) the definition of savings is the difference between your income and your expenses. If you have money to pay to the credit cards, you have money beyond your other living expenses so you could view it as savings, but applied toward a debt balance. In any case, your net worth is moving up by paying off the debt, which is what increasing savings does. Also, (2) , when I am done applying my savings to my debt balances, I will simply apply them to CD, money market, or other investment vehicles. I will not view them as "disposable income". I may increase my monthly spending and decrease the amount allocated to savings, but I am not thinking of the savings that I apply towards my debt payments as disposable income in any sense. After all, I am getting by pretty enjoyably and supporting myself without using those payments. Why decide to radically increase my comnsumption and spending just because I have paid off a debt? Of course, you have a lot more freedom because the debt is gone, but that doesn't mean I will be considering using those monthly savings as spending money. I hope this helps. It is a different perspective that I have not seen expressed very commonly. I prefer to think of my debt payments as savings–because (1) the definition of savings is the difference between your income and your expenses. If you have money to pay to the credit cards, you have money beyond your other living expenses so you could view it as savings, but applied toward a debt balance. In any case, your net worth is moving up by paying off the debt, which is what increasing savings does.

Also, (2) , when I am done applying my savings to my debt balances, I will simply apply them to CD, money market, or other investment vehicles. I will not view them as “disposable income”. I may increase my monthly spending and decrease the amount allocated to savings, but I am not thinking of the savings that I apply towards my debt payments as disposable income in any sense. After all, I am getting by pretty enjoyably and supporting myself without using those payments. Why decide to radically increase my comnsumption and spending just because I have paid off a debt? Of course, you have a lot more freedom because the debt is gone, but that doesn’t mean I will be considering using those monthly savings as spending money.

I hope this helps. It is a different perspective that I have not seen expressed very commonly.

]]> By: wealthy_1 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-284870 wealthy_1 Mon, 24 Dec 2007 00:28:03 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-284870 Congratulations, Tricia! That's so great that you were able to reduce your debt with your bonus! Continued success! Congratulations, Tricia! That’s so great that you were able to reduce your debt with your bonus!

Continued success!

]]> By: Fecundity http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-273628 Fecundity Tue, 18 Dec 2007 18:54:57 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-273628 Congratulations. That's an amazing amount of debt to get through in under two years. Well done and best of luck in continuing towards your goals. Congratulations. That’s an amazing amount of debt to get through in under two years. Well done and best of luck in continuing towards your goals.

]]> By: MollysBrother http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-272916 MollysBrother Tue, 18 Dec 2007 02:56:07 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-272916 CONGRATULATIONS. I swear Tricia, I know it feels like it will be a long time away, but one of these days I am going to hear you yell "I AM DEBT FREEEEEEEEE" to Dave! LOL. Keep it up. You have been an inspiration to so many of us. CONGRATULATIONS. I swear Tricia, I know it feels like it will be a long time away, but one of these days I am going to hear you yell “I AM DEBT FREEEEEEEEE” to Dave! LOL.

Keep it up. You have been an inspiration to so many of us.

]]> By: Marjorie http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-272610 Marjorie Mon, 17 Dec 2007 23:46:47 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-272610 Congratulations! That's so wonderful. I remember when we hit the halfway mark in our debt reduction journey. We were so excited, and now we're on our way to being completely debt-free in just a few months. I look forward to following your progress on your blog! Salut, Marjorie Congratulations! That’s so wonderful. I remember when we hit the halfway mark in our debt reduction journey. We were so excited, and now we’re on our way to being completely debt-free in just a few months.

I look forward to following your progress on your blog!

Salut,
Marjorie

]]> By: Eva in TX http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-272469 Eva in TX Mon, 17 Dec 2007 22:19:12 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-272469 Good job! What a way to have happy holidays. Good job! What a way to have happy holidays.

]]> By: boomer http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-272050 boomer Mon, 17 Dec 2007 18:16:18 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-272050 WOW! That is fantastic. Congratulations. Keep up the great work!!!!! WOW! That is fantastic. Congratulations. Keep up the great work!!!!!

]]> By: Fellowes http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-270979 Fellowes Mon, 17 Dec 2007 07:36:19 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-270979 Tricia, congratulations on the amazing progress. My first milestone will be eliminating 10K of debt which should be reached sometime in the spring. You have been and continue to be an inspiration to me. I look forward to seeing your progress in 2008. Keep up the good work. Tricia, congratulations on the amazing progress. My first milestone will be eliminating 10K of debt which should be reached sometime in the spring. You have been and continue to be an inspiration to me. I look forward to seeing your progress in 2008. Keep up the good work.

]]> By: Maria http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-270249 Maria Sun, 16 Dec 2007 23:13:06 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-270249 Congratulations Tricia! You're an inspiration to all of us! Congratulations Tricia! You’re an inspiration to all of us!

]]> By: Sherri http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-270104 Sherri Sun, 16 Dec 2007 21:35:27 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-270104 Congrats! I know it's not always good to think this way...but just imagine how much more disposable income you will have when all your debt is gone! You will be able to build a large savings and plan for your sons education (or plan more extensively). It's amazing you have gotten your debt down so far AND built a nice savings cushion. I just moved (again) and it usually costs more than you plan for, but luckily this time it cost us LESS than we thought! Best of luck with moving if it comes to that. :) Congrats! I know it’s not always good to think this way…but just imagine how much more disposable income you will have when all your debt is gone! You will be able to build a large savings and plan for your sons education (or plan more extensively). It’s amazing you have gotten your debt down so far AND built a nice savings cushion. I just moved (again) and it usually costs more than you plan for, but luckily this time it cost us LESS than we thought! Best of luck with moving if it comes to that. :)

]]> By: Jen http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-269825 Jen Sun, 16 Dec 2007 18:16:45 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-269825 Congrats! That's quite an accomplishment! :) Congrats! That’s quite an accomplishment! :)

]]> By: Katie http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-269813 Katie Sun, 16 Dec 2007 18:06:45 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-269813 Congratulations! This is so very inspiring!!!!! Congratulations! This is so very inspiring!!!!!

]]> By: Rob in Madrid http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-269794 Rob in Madrid Sun, 16 Dec 2007 17:51:22 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-269794 One recent change my wife and I made is to close two bank accounts we have with overdrafts (will make monthly payments on both). While we could still use them there is something about having a bank account that always has a postive balance, even if its 14€. I told the wife the other day how much better I feel not having account with overdraft anymore. Sometimes it means waiting a day or two for payday to go shopping but that's ok. One recent change my wife and I made is to close two bank accounts we have with overdrafts (will make monthly payments on both). While we could still use them there is something about having a bank account that always has a postive balance, even if its 14€. I told the wife the other day how much better I feel not having account with overdraft anymore. Sometimes it means waiting a day or two for payday to go shopping but that’s ok.

]]> By: Tricia http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-269605 Tricia Sun, 16 Dec 2007 15:36:06 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-269605 Thanks everyone :) Sharon - We started reducing our debt in February of 2006. So it has taken a year and ten months to get to this point. It seems like a long time, but it goes by so fast. All the best to you as you work on bettering your finances! Thanks everyone :)

Sharon – We started reducing our debt in February of 2006. So it has taken a year and ten months to get to this point. It seems like a long time, but it goes by so fast.

All the best to you as you work on bettering your finances!

]]> By: Sharon Firebaugh http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-269461 Sharon Firebaugh Sun, 16 Dec 2007 13:55:37 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-269461 I was not a reader until the summer of 2007. Did you do this in just one year? Wow, you have really given me confidence! I think I can make some needed changes, too, toward financial responsibility and debt reduction, beginning with a part-time job next month, hopefully! Merry Christmas and God Bless you and your family. I was not a reader until the summer of 2007. Did you do this in just one year? Wow, you have really given me confidence! I think I can make some needed changes, too, toward financial responsibility and debt reduction, beginning with a part-time job next month, hopefully! Merry Christmas and God Bless you and your family.

]]> By: Jason http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-268838 Jason Sun, 16 Dec 2007 05:34:08 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-268838 Tricia, that is great news! You continue to be a real inspiration to those of use just starting out (and to veterans). I vote for your next mini-goal to be $18,800 - the half way point in your journey to financial freedom! Tricia, that is great news! You continue to be a real inspiration to those of use just starting out (and to veterans). I vote for your next mini-goal to be $18,800 – the half way point in your journey to financial freedom!

]]> By: Ryan S. http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-268810 Ryan S. Sun, 16 Dec 2007 05:00:28 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-268810 Tricia, that's just great! You're way more than halfway to your goal; if you can do this, you can do anything. Tricia, that’s just great! You’re way more than halfway to your goal; if you can do this, you can do anything.

]]> By: Mrs. Micah http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/comment-page-1/#comment-268789 Mrs. Micah Sun, 16 Dec 2007 04:11:16 +0000 http://www.bloggingawaydebt.com/2007/12/total-credit-card-debt-paid-off-so-far20100/#comment-268789 Oh that's wonderful, Tricia! :) And you've got the nice savings account too...it's just an all-around good way to end the year. :) Oh that’s wonderful, Tricia! :) And you’ve got the nice savings account too…it’s just an all-around good way to end the year. :)

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