photo credit: inkynobaka
I came across an inspiring story about a couple that managed to pay off $30,000 in credit card debt and is now saving $500 a month. The Dunleavey’s tackled the credit card debt problem head on and won after 5 and a half years. I love these stories and what I enjoyed reading about this couple is how they are real about the issue of debt and they took action. $30,000 in credit card debt can seem overwhelming and this couple shares tips on how they made it happen. It didn’t happen overnight and they didn’t find a famous 1869 Red Stocking baseball card in the attic. What they did do is establish a goal to pay down the debt each month and establish a plan of action.
How did they do it and how can you pay off your credit cards? Many of these ideas may not seem like rocket science, but the point is they had an action plan and stuck to it.
1. They cut expenses.
2. Established a budget.
3. Identified and changed bad habits.
4. Adjusted lifestyle
5. Got a roommate
6. They moved
7. Paid down the credit cards with money saved from cutting expenses.
8. Stopped using credit cards
9. Established an emergency account
10. Setup auto bill pay.
11. Opened a new low interest credit card.
12. Communicated with friends and family that they were going to cut expenses.
The Dunleavey’s worked hard to pay down the credit card debt including overtime at work, taking on freelance jobs, and cutting expenses. They also got extreme with household expenses. Many people that I talk with could never get rid of a cell phone, cable tv, or internet. They also cut out gym membership and stopped eating out. What this did give them was an additional $500 a month to pay towards the credit card debt. What I also enjoyed reading about this couple was that they discussed the action plan to pay down debt with friends and family. Instead of saying no to a dinner out or a gift exchange, you could discuss your families determination to get out of debt.
Do you have a success story for getting out of credit card debt? Did you take on an additional job, sell something on ebay, or cut expenses? Or maybe you were fortunate to find that 1869 Red Stocking baseball card and all your credit card worries are gone.
You can read more about MP Dunleavey at MSN or
{ 2 comments… read them below or add one }
What a great success story. The best thing I ever did was make a resolution to pay off whatever I put an my credit card every month – so never paying any interest.
I use the card now because I get 2% cash back. I put EVERYTHING on it. It takes discipline not to overspend, though! I was not always so good at it. After a few years of getting myself in trouble, I got over that impulse purchase syndrome. Mostly…- cough.
@ Greener Pastures
Paying off your credit cards is probably the best resolution you could make. I’m looking into some software programs to help automate my monthly budgeting. In fact we are having some friends come over to dinner tonight to talk about Mvelopes. Apparently they use it and love the system. I’m also going to be checking out Mint.com as well.