Comments on: Pay Off Your Credit Cards in Half the Time

By: JAY

JAY — Mon, 25 Jan 2010 20:39:07 +0000

Because it was fun at the time. Looking back it wasnt fun, it was just me being young and stupid. Paying it all off now, but can def say, the pain in paying it off is alot worse than the fun I had spending. Lived and learned I guess. Paid extra on accounts, and closed all but one. Like I said it was painful, but I am glad I stuck to paying them down instead of going bankrupt. Now if I just stay smart and dont get into that situation again. Cash is the way to go, if you can not afford to pay cash, you do not need it.

By: Ryan

Ryan — Fri, 02 Oct 2009 13:42:43 +0000

Guy, your credit score probably won’t change much, if at all. You may even be able to get any over the limit fees waived if you contact your credit card company and ask them to remove the fee. You can also request the credit card company not to allow you to go over your limit. It’s important to pay attention to your credit card balance and try not to go over – the added fees can cost you a lot more than you bargained for.

By: Guy

Guy — Fri, 02 Oct 2009 05:38:50 +0000

Hello everyone, I went over my credit line by $6.00 this is the first time it has happened. This is also my first credit card and I didn’t know what it meant. Is my credit score damaged because of this? I always pay on time and I always pay more than the minimum amount due(almost triple). Thank.

By: Ms. Frugalicious

Ms. Frugalicious — Tue, 29 Sep 2009 02:38:23 +0000

I am working toward paying off credit card debt, and I’ve been able to make a sizeable dent in what I owe by doing two things:

1) I stopped using the cards, just as Ryan suggests…it really is impossible to pay off the debt otherwise.
2) I started earning more money each month. A friend of mine passed on an advance copy of Loral Langemeier’s soon-to-be-released book, “Put More Cash in Your Pocket,” and the examples in there made me realize that I could start a profitable side business by using skills I already have. I used to work as a tutor at a test-prep company, so now I am finding my own clients from the local high school. I put all the money I make toward my debt, and it makes a big difference. Using tax refunds or year-end bonuses, as Hank suggests, is another good idea.

By: Ryan

Ryan — Wed, 23 Sep 2009 20:37:23 +0000

Jessica, please see the response to the comment above. There is always the possibility of unforeseeable circumstances leading todebt. The comments regarding preventing debt refer to wanton consumer debt, much of which can be avoided by planning and practicing the art of delayed gratification.

Regardless of how the debt occurred, the key is to work toward paying it off and working toward making sound financial decisions in the future. Even then, some things, such as the events you described, may not be preventable.

By: Ryan

Ryan — Wed, 23 Sep 2009 20:32:50 +0000

Mrs. D, There are always extenuating circumstances that are beyond one’s control – such as illness, job loss, natural disasters or other catastrophic losses. No one can fully plan for these things and I don’t believe this is what Financial Samurai was referring to when he mentioned people having the ability to stay out of debt by simply not spending more than they earn.

If you have time, go read his article… it is about giving in to consumerism and instant gratification. Many people can avoid debt if they take the time to work for things instead of wanting to have everything at once.

I cannot imagine what you and your family have gone through, but it is a testament to your faith and integrity that you have done so well with your finances. I pray the health of the person(s) in question has improved and they are on the path to a full recovery.

By: Jessica

Jessica — Wed, 23 Sep 2009 20:30:16 +0000

We had a similar problem–in the process of adopting our first child via disruption (a previously failed adoption), we found out after our daughter was in our custody that we’d be responsible for paying the legal costs of the family who relinquished her–a surprise $15,000 bill. (YIKES!).

Similarly, on our last adoption trip, to Africa this time, our four-to-ten day stay was delayed into 29 days due to medical complications and the embassay loosing paperwork. 19 days of international unbudgeted, and completely unimagined, also, emergency medical care overseas (I was attacked by a dog in Ethiopia, where Rabies is of substantial concern).

Was glad I was able to pull out the plastic in both cases. If we’d run out of money, our adoptions simply would not have been completed–and we wouldn’t have our children, similarly, they’d be in legal limbo–already assigned to us and legally ours but with us unable to assume legal custody.

Note to self to plan on SUBSTANTIALLY more budget for unexpected costs along the way next time–but in both cases the circumstances were completely bizarre and unforseeable.

By: Mrs. D

Mrs. D — Wed, 23 Sep 2009 20:18:34 +0000

I just want to respond to your question. Sometimes there is something more important, like a child or someone’s health, which are both reasons why we got into debt. Sometimes you have to sacrifice and go into debt to save someone else…and there is no other choice. Especially since the money was expected to be paid up front…or we would be out of luck…and then the child’s life is ruined or over. Think outside the box Financial Samurai. Sometimes, life deals things we cannot afford to pay in full and take whatever we can get to deal with those things. I hope you don’t have to go through something like that. However, We got up to $65K and in 3yrs, we have knocked it down to $23K..and our credit rating is still over 750. And, all this, is thanks to GOD! We haven’t been late on anything in over 16yrs…and that is all GOD too. This opportunity to be in debt to save someone else…was also a blessing…especially looking at the alternatives.