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Old 10-06-2012, 07:19 AM   #3
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kNIOKAS's Avatar
Join Date: Jun 2007
Posts: 5,791
Default Re: Credit Card Debt FREEDOM!

Originally Posted by sundizz

Anyone else want to share their stories? I want to climb a mountain, pull up one of those foldable chair thingy and just chill and sip some champagne or something. Damn it feels

-Idiot in college and first year and a half after graduation. Credit card companies kept giving me cards and I kept taking on new ones. Between 18 and 24 racked up $35,000 on these cards:
Citicard: 9,000
BofA: 3,500
Care Credit: 4000
American Express: 2000
Lending Club: 12000
Credit Line: 4300

Expenses (18-24) approximations:
Vegas 7x, Colorado and Utah skiing 2 weeks, Rosarito/Tijuana 10x, Cabo San Lucas 7 day, Panana City 7 day, Ireland, Amsterdam 10 day, Cross Country Trip Cali to Atlanta
4200+2000+1500+1200+1000+1300+2000 = $13,200

6 years X 52 weeks X 2 nights a week X 40 a night = $25,000

6 years X 52 weeks X 7 days a week X 15 a day = $33,000

Entertainment, clothes, etc (minimal):
6*12*200= $14,400

= $5,000

Total ~ $90,000 for 6 years of life, not including rent and other normal expenses.

For years 24, 25, and 26 I decided to pay off all the credit card debt. I am not FINALLY DONE! I have ZERO credit card debt. It's insane. I still have student loan debt...but it's not debilitating. That can be managed. Good repayment options, etc. Paying off credit card feels so ridiculously good =) Was able to pay it all off and by the end of my work contract I'll have saved up 20k on top of it all. Chump change for ISH, but a dramatic turn around for me in a reasonably short time, without sacrificing any sense of lifestyle. Simple choices of drinking earlier and less, and not spending insane amounts on food everyday are basically all I had to do. Also dropped 30 pounds during this time. Another win =)
You are not finally done?

Congradulations, stupid.
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