Bye Bye Debt (almost)

[manlymatt83]

So many of you know I had a bunch of debt way back when. I've been pretty public about racking up a ton of debt in College being addicted to gambling.

Well, I've been working my ass off these past few years and have brought my total debt down from close to $100,000 to less than $30,000. I didn't even notice it until I logged into Yodlee recently and checked things out. I'm hoping to be able to pay everything off by Christmas, but that'll be pushing it.

But I'm really excited, and I just wanted to share with everyone.



Oh, and my net worth is well into the positive, as I have investments, but I don't want to touch those.

 

[vital]

congrats.. What was your repayment plan?

 

[manlymatt83]

Originally posted by: vital
congrats.. What was your repayment plan?

Automatic bill pay to each credit card company for a fixed rate. Also, all the debt was at 2.9% or less interest, which helped nicely.

 

[mrrman]

good for you....god I hate debt....after tomorrow...I will just have a mortgage

 

[quackerww]

yodlee safe?

 

[compman25]

3 to 1 says you can't do it

 

[manlymatt83]

Originally posted by: mrrman
good for you....god I hate debt....after tomorrow...I will just have a mortgage

Good for you!

I actually now have like $120K in open credit =( My limits haven't been cut. The only thing that went up was the purchase rate (which I wasn't using anyway, as I only had the BT rate). So I may ask the companies to lower the limits.

 

[manlymatt83]

Originally posted by: quackerww
yodlee safe?

LOVE yodlee

 

[quackerww]

Congrats =D

 

[Epic Fail]

How is credit score?

 

[manlymatt83]

Originally posted by: Epic Fail
How is credit score?

Now? It's like sky high, because I never missed a payment.

EDIT: Ok, maybe not sky high, around 753 last I checked (FICO)

 

[IronWing]

You fool! You should have kept the low interest debt and plowed all that cash into stocks!






Just kidding. Congratulations and hope you finish it off soon. If not by Christmas then soon thereafter.

 

[Baked]

KEK, 100K debt for gambling. You'll be back to that number in no time. Don't fight the urge, gambling is fun.

 

[manlymatt83]

Originally posted by: Baked
KEK, 100K debt for gambling. You'll be back to that number in no time. Don't fight the urge, gambling is fun.

uh.... no I have a certain amount in the stock market and I play with that. No more

 

[manlymatt83]

Originally posted by: ironwing
You fool! You should have kept the low interest debt and plowed all that cash into stocks!






Just kidding. Congratulations and hope you finish it off soon. If not by Christmas then soon thereafter.

Thanks! I almost thwaped you based on your initial response

 

[necine]

you had 100k in debt? wow.

 

[sjwaste]

Remember when I got caught stealing all those watches from Sears? Well that's nothing, because YOUUUU have a gambling problem.

Remember when I let that burglar in because he was dressed like Santa Claus? Well that's nothing, because... HOMER!

 

[goog40]

Congrats, that's quite an accomplishment.

I wouldn't ask the credit card companies to lower your limits though. Nowadays they're doing a pretty good job of that on their own, plus they might decide to lower it much more than you requested. As long as you've got your spending in check, which it sounds like you do, there's nothing wrong with a large CL.

 

[mugs]

Originally posted by: manlymatt83
$100,000

Jebus :Q

 

[manlymatt83]

Originally posted by: necine
you had 100k in debt? wow.

Yeah dude. I never told anyone, but I used to take my paychecks at Dandy and just run off with them to Taj and spend em all. Then when it came time to pay my bills, I would put them on my CC. It was bad. Bad habit. I stopped it after heather and I broke up.

 

[manlymatt83]

Originally posted by: mugs

Originally posted by: manlymatt83
$100,000

Jebus :Q

Can you respond to my damn PM?

 

[Kadarin]

I once had $35K in CC debt, and that was bad enough... Now I'm paid off with cash in the bank, and my only debt is my car payment. It's a wonderful feeling...

 

[manlymatt83]

Originally posted by: Kadarin
I once had $35K in CC debt, and that was bad enough... Now I'm paid off with cash in the bank, and my only debt is my car payment. It's a wonderful feeling...

Good for you

 

[rockyct]

Nice job. To get to 100k credit card debt and then bring it to zero is quite an accomplishment. Also, the other issue in general about lowering your credit limits is that you'll have a higher debt to available credit ratio and that factors into your credit score. Of course, you'll have zero debt, but for others it's an issue.

 

[zCypher]

Holy crap. But wait a second... credit card debt @ 2.9%?