Jamie, thank you! I appreciate your openness about your debt journey. It really helps to hear your story, what worked and what didn't.
I wish I could say I've only been in a credit card 'situation' once in my life but that would be a lie. I've used the avalanche method multiple times over and it's always worked for me, but quite obviously I haven't tackled the reason why I keep doing this. This time in particular was due partly to Covid and an expensive medical bill two years in a row, compounded by the ever-increasing interest rates. I'm curious, have you had any luck calling a credit card company and asking for a reduction in the interest rate?
The quote you included from Suze is one I haven't heard before. For me, it's the shame of not being able to manage my finances. That shame turns into a really heavy burden (secret) that I carry and one I'm not willing to share with people for fear of adding to the shame. It sucks. I was raised with a spender mom and a super frugal father neither of whom ever discussed money with us kids. The only thing we were ever told, and it was drilled into us, was to save money. So helpful. Not how to save money, manage bills, budget, etc. - just save it. If only.
I have considered doing the 0% APR promo as the interest rates are killing me, but it really chafes thinking about the 3-5% fees. For now, I'm sticking to as close to a zero-budget spend as I can and watching it like a hawk.
Thanks as always for your thoughtful comment :) I totally understand, obviously, and have to remind myself that progress is not always linear. It ebbs and flows and that is not a reflection on who we are as people. I have called my credit card companies to try and negotiate a lower rate. I was unsuccessful, but I definitely think it's worth a shot -- especially if it's a card / account you've had for a long time. The worst they can say is no! I understand about the fees too -- sometimes it's just not worth it. I try to think about the debt payoff journey in small chunks rather than the whole big picture, which helps make the times when I'm trying to spend as little as possible feel a bit less overwhelming. I'm rooting for you!! <3
Jamie, thank you! I appreciate your openness about your debt journey. It really helps to hear your story, what worked and what didn't.
I wish I could say I've only been in a credit card 'situation' once in my life but that would be a lie. I've used the avalanche method multiple times over and it's always worked for me, but quite obviously I haven't tackled the reason why I keep doing this. This time in particular was due partly to Covid and an expensive medical bill two years in a row, compounded by the ever-increasing interest rates. I'm curious, have you had any luck calling a credit card company and asking for a reduction in the interest rate?
The quote you included from Suze is one I haven't heard before. For me, it's the shame of not being able to manage my finances. That shame turns into a really heavy burden (secret) that I carry and one I'm not willing to share with people for fear of adding to the shame. It sucks. I was raised with a spender mom and a super frugal father neither of whom ever discussed money with us kids. The only thing we were ever told, and it was drilled into us, was to save money. So helpful. Not how to save money, manage bills, budget, etc. - just save it. If only.
I have considered doing the 0% APR promo as the interest rates are killing me, but it really chafes thinking about the 3-5% fees. For now, I'm sticking to as close to a zero-budget spend as I can and watching it like a hawk.
Hi Kimberly,
Thanks as always for your thoughtful comment :) I totally understand, obviously, and have to remind myself that progress is not always linear. It ebbs and flows and that is not a reflection on who we are as people. I have called my credit card companies to try and negotiate a lower rate. I was unsuccessful, but I definitely think it's worth a shot -- especially if it's a card / account you've had for a long time. The worst they can say is no! I understand about the fees too -- sometimes it's just not worth it. I try to think about the debt payoff journey in small chunks rather than the whole big picture, which helps make the times when I'm trying to spend as little as possible feel a bit less overwhelming. I'm rooting for you!! <3
Thank you - I'm rooting for you too!! Slaying the dragon one bill / one month at a time. :-) <3
👏👏👏
FY#1F