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Old 10-12-2006, 08:11 AM   #11
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I personally like the 0% interest cards. Granted, it'* another card, but if you make more than the minimum, the debt is gone in much less time. Just don't miss a payment!! They will rape you on interest after that.

The Missus and I have been doing this for years. Also, don't do this before a major purchase (new car, house, etc). Having these cards, within reason, can also help, because your debt to credit ratio goes way down (amount you owe versus available limits)
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Old 10-12-2006, 09:40 AM   #12
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I also agree with both Jason and Mark regarding the building of financial discipline. One way to force the discipline is to take the pay-down approach mentioned by Tracy.

Focus on a pay-off of the lowest balance, then use the low to zero interest offers they'll send you to transfer one of your highest balances to (or all of them if the limit will allow). Then pay off the balance with the highest interest rate next, while the other is in 0% interest. While you are paying down a specific balance, only pay the minimum on the other cards. It'* about focus and a goal.

Have you ever created a working budget for yourself? This is an important part of the financial discipline. If you have trouble creating a meaningful and honest budget, then definitely see the financial or credit advisor at your local bank/credit union. Unless you know what you are really spending on a weekly basis, you have no chance of getting your spending under control.

Financial discipline is just that, it takes regular work. You need to address it at least once a week until you have a very good handle on your expenses and spending habits. At first, you should really keep receipts for every little thing you buy, even the coffees, sodas, and vending machine purchases. Carry around a little memo book to write all the crap down. It seems ridiculous, but unless you do this for at least a month, you will never really know where all your money is going.

Most people find that they spend WAY more than they thought on the "little" incidental things during the week than they thought. Most find that simply reducing the number of times they go out to lunch and dinner can save them hundreds of $$ per month.
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Old 10-12-2006, 09:51 AM   #13
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good advice guys, i appreciate it alot!

I think i looked to the right place for suggestions, i knew what i needed to do, but i guess i just needed to hear it again. I hope i can maintain some of the proper dicipline so that i can take down some of this debt in a reasonable ammount of time. Its not like ive dug myself in too deep, but if i dont do something about it soon, i very well could be in too deep.
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Old 10-12-2006, 10:10 AM   #14
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Hey many of us have been there at one point or another, for various reasons.

Probably the toughest habit to break is not using your credit card for regular purchases. Use cash or debit only...after you've thought twice whether you really need to buy the item or not.
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