Credit Card Debt

[uclorox]

Good afternoon ladies:

Listen, as disturbing as this subject is this issue needs to be addressed. Many of us are going into serious credit card debt to fund what we carry and the supplies in it like smartphones, tablets, or computers, especially. I know, I cannot be the only person who suffers from this problem. How are you ladies coping with the credit card debt you acquired from supporting these great designers we will never meet? We should talk about getting out of credit card debt, after the money we spent buying things that made us feel good when carrying them.

 

[vhuynh2]

My husband and I maintain CC debt free by keeping a monthly expenses spreadsheet. We track every penny that comes in and every penny that goes out. Without a spreadsheet, you have no idea how much you're truly spending. My husband had quite a bit of CC debt from his college days. Once we made a spreadsheet, he paid that debt off in 3-4 months and haven't paid a cent in CC interest since then. We keep track of the current "remaining amount" (income minus bills, investments, 401K) and that is how much we are free to spend on groceries, gas, shopping, dining out, etc. When we were paying off the CC debt, we would input in the spreadsheet that we would pay "X" amount each month, which obviously came out of our discretionary spending -- the "remaining amount". It really helps to see the numbers and categories of spending because then you'd know where you can cut costs. For example, we stopped going to the expensive organic co-op grocery store for awhile, shopped less, and dined out less. Also, a great way to save is to "start fresh" every month. Whatever is left over at the end of the month we don't use. There's no "rollover". It is either just saved or invested (but if you have CC debt, you should probably use it to pay that). Basically, whatever we buy we must be able to afford with one month's income minus bills/mortgage/investments. There are exceptions of course, but that's the general rule. You'd be surprised how much you can save in just a few months.

If we went into credit card because of my luxury purchases, there is no way I would feel good about owning them. However, I am not a shopping addict; I enjoy having but am not "addicted" to buying luxury goods. If you have a serious shopping addiction, you need help from a more qualified person.

 

[V0N1B2]

Good afternoon ladies:

Listen, as disturbing as this subject is this issue needs to be addressed. Many of us are going into serious credit card debt to fund what we carry and the supplies in it like smartphones, tablets, or computers, especially. I know, I cannot be the only person who suffers from this problem. How are you ladies coping with the credit card debt you acquired from supporting these great designers we will never meet? We should talk about getting out of credit card debt, after the money we spent buying things that made us feel good when carrying them.

You should check out the Money Talls sub forum. Lots of financially savvy ladies in there.
https://forum.purseblog.com/forums/money-talks.69/