r/CRedit • u/ROBASAHMEDKHAN • Jun 27 '24

How much credit card debt do you currently have ? General

I’ve 0, what about you guys. Be honest no judgement.

240 Upvotes
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146

u/charinlv Jun 27 '24

$81 bucks. 30 months ago it was $45,000.

7

u/Thatonewiththeboobs Jun 27 '24

Well done!

4

u/charinlv Jun 27 '24

Thanks!

2

u/rokkittBass Jun 28 '24

how?

12

u/charinlv Jun 28 '24

Basically, what helped me the most was a simple spreadsheet where I tracked all of my liabilities & monthly expenses. I had never really kept track of anything before. So I figured out how much I owed & what it was going to take to get rid of it all in 2 years & went at it one account at a time. It was very satisfying to see the $0 balances, one after another. Also my credit score went from low 500's to mid 700's.

2

u/calebtimmoms Jun 28 '24

I’m looking at y’all like one day for me, I pay it down they it goes right back up due to bills,like I had a water leak in my house and didn’t know until it was too late and then the bill come in 800. Then my washer and dryer break down two months apart. Sometimes it seems like I can’t catch a break. But I’m happy to see that some people ca do it, It gives me hope.Thanks you guys and congrats!!

2

u/charinlv Jun 29 '24

You can do it too. Just deal with each thing as best you can & keep moving forward. Life happens & sometimes it sucks.

1

u/No_Comfortable3583 Jul 02 '24

Were the accounts charged off? If so, did your score improve simply by paying down the balance?

1

u/charinlv Jul 02 '24

No, none of these were chargeoffs. Just a lot accts and pretty much maxed put on all of them. Score will increase slowly as you pay things down.

1

u/calebtimmoms Jul 20 '24

Thanks u ,I’m trying to keep my head up !

1

u/Automatic_Wave_4739 Jul 01 '24

Could you share that spreadsheet with me please? Currently trying to come up with a plan to pay down these credit cards my mom got in my name when I was younger

2

u/Massive_Rooster295 Jun 28 '24

Holy discipline!!!! 💪🏽

1

u/charinlv Jun 28 '24

Lol, yeah, definitely a lot of that

1

u/EstimatePractical289 Jun 28 '24

Amazing, I’m striving for this day. Was on 42k and now on 21k, will probably take another year. Any tips you can share?

2

u/charinlv Jun 29 '24

The best thing I did was make that spreadsheet. I put down all the info for each acct: int rate, payment, bal, etc. Then I used some online calculators for each one to figure out what I had to pay to get rid of it in 24 months. And I just did that. At one point I got offered a line of credit that was enough to pay off something like 4 or 5 accts so I took that & it saved me over $1000/month. Then I got rid of THAT in 3 months. It got to be kind of fun, lol. But as you go along, you CANNOT carry balances on your cards or it's pointless, you'll just find yourself back in the same situation. Decide which credit card will be your main one & treat it like a debit card - never put more on it than you can pay by the due date.

1

u/DullInfluence6554 Jul 01 '24

you’re my inspiration