April 4, 2013

A Challenge

Posted in debt, personal finances, Recovery at 9:51 am by otherdeb


Last week, my good Internet friend Annie posted a challenge in her blog, The In-Debt Net.

She started by noting that the current financial situation does not seem to be getting any better, and that, whether we like it or not, this seems to be the new financial normal for many people.

She then noted that it had impacted her plans toward getting out of debt, as it has done to many of us, and challenges us to make every day count in reducing our debt before it swallows us whole.

I am going to try to take her up on her challenge, and I seriously invite you to go read her challenge, and do the same.

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4 Comments »

  1. Janet Wilson said,

    I read what she’d said, and then another thing she’d posted about Capital One’s “offer”, and then laughed, because Capital One has been after me for years to apply for a credit card at an interest rate higher than any of the cards I’ve already got. WHY would I want it?? And now they have started after my son, who earns little more than minimum wage, but has been warned not to touch them with a bargepole.

    She seems to have some very good ideas, and I’ve certainly noticed the same thing, so I think I will try the challenge too. In a burst of seasonal optimism at New Year’s, I resolved to reduce my debt by 10-12% this year, and I don’t think I can get anywhere near that, but I’ll do what I can. For starters, I have managed to pay off the full balance on one card, which is the only one I actually use. Not only will it be nice to have one fewer card to worry about, but I’m hoping having one I can pay off each month in full will be a good psychological boost.

    • otherdeb said,

      I don’t know how well/poorly Capital One works, especially in other countries — Annie lives in England; But she does have some very good ideas, and the whole thing about blog reading is to pick the ideas you can use, and pass by the ones you can’t.
      Re your goal — that’s a great one. It has a real, hard, conclusion; a time line; and action steps. And, when you achieve it, it will be a fabulous psychological boost!

  2. Auntie M said,

    I found that paying off even one card made it easier to pay down the rest of them. I just took a big chance and paid off my car (I got a small windfall) though I’ve resisted doing it because it was a 0% loan. Freeing up that money every month should help a lot.

    • otherdeb said,

      Indeed it should. Are you planning to use it to clean up something else, or to add to an emergency fund, or some combination of the two?


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