Reply to If you have significant debt

Forum Index » Off-Topic

Reply to "If you have significant debt"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]10 years ago I lost my job and wasn't able to find a new one for a year. I managed to find some freelance work which helped some, but I was also working on a grad degree and had lots of school bills as well. I ended up $17000 in debt, mostly in consumer loans from a credit union and credit card bills. When I finally found a new job I lived extremely frugally for a year and paid off all of the debt. I never want to feel as stressed out as I did then again, so I just don't spend what I don't have. I put a little money away in savings every month to cover unexpected expenses, like the plumbing emergency we had a few months ago or the gum surgery I needed this year that my dental insurance paid virtually nothing for. We charge very little to our credit card and pay it off every month. The only things we charge are 1) work expenses that are reimbursed, 2) online purchases for which we want the insurance, and 3) larger expenses that we might need two paychecks to cover. If we can't pay it off in a month, we dip into the money we put in savings for this purpose and replenish those funds as soon as possible. Or, if it's not a necessary purchase, we save up until we can buy it without going into debt. I live a much more stress free life now, and I think the year of extreme frugal living was worth it.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics