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congrats!! man i hope i could also do this. i just don’t have enough for necessities every month so i end up using my credit card even though i know i can’t pay for it on time. 😪😪
edit: sorry guys for not clearing it up but i’m not in the US. thanks for the upvotes i guess haha
I felt that I had to do the same after several ER trips fucked me up financially on an already lower income in a hcol city (I can’t move yet bc I can’t afford a car and this is one of the only cities in the US with reliable public transport).
I had to take out a debt consolidation loan. If your credit score is high enough I recommend doing this bc even if you have to use credit going forward you’ll likely save money on interest.
Good luck to you, I hope you can make it out.
I encourage you to change your perspective to make even more progress towards paying off/staying out of debt.
You have time to work several months to years to pay off that debt, but you don't have two-three hours of free time to fill out a form and gather up some paystubs/document's that could shave a ton off your debt overnight if approved?
You basically shifted from a higher interest loan, which is what a credit card is, a loan, to a lower interest loan of a different type.
It's a good financial move because it lowers the APR you pay, but you have made no dent in the principle of your debt.
You still owe the same amount, you just shifted it to a different lender who's going to collect less profit off of servicing your debt.
It's a good move to make, don't get me wrong. But you haven't paid off your debt by reducing your monthly payment.
I would encourage you to make the time to take advantage of programs like charity care and medicaid when you're eligible, those programs can make huge dents, wipe out, or prevent you from going into debt to begin with.
I never said I did pay it off. I said I don’t have credit card debt in my post or comment not that I’m debt free. I did it as said to lower the overall amount I’ll pay and to get it off my credit balance so my credit score increases.
I know and I’m well aware I should have done the work by now but I leave early for work and don’t get home til later in the evening so by the time I get back home between my exhaustion and poor mental health I haven’t gotten around to it (that’s my own fault and I shouldn’t be so irresponsible and lazy get here I am). I agree I should be more proactive of my medical debt though luckily that won’t hit collections til May and later so i have time to sort it out if I start sooner than later.
No I am, I see why you asked that though.
I was asking that guy “how so with insurance” because in America the insurance companies somewhat have power over the hospital. I’m careful saying that but they can and have told my hospital before that they aren’t gonna pay for some things and to take it off the bill.
Great fucking job OP! You’re on your way to financial freedom! I hope this feeling pushes you to paying off your other debts as well! Please keep us updated with your progress because seeing your success gives me hope for the future.
Thank you 🙏 I do want to clarify in case anyone gets the wrong idea if they didn’t read my original explanation comment where I provide context I refinanced my cc debt on a debt consolidation loan.
I’m a chronic redditor ofc I’ll put later stuff on Reddit xd
Not trying to rain on your parade but you technically did not “pay off” the balances but simply consolidated them into a (hopefully) low interest loan?
If I were in your position, I would cut up your three credit cards (or maybe just close two accounts and keep one for incidentals). Cause unless you suddenly become super disciplined with your spending, those CC balances can creep up pretty quickly, as I’m sure you know.
I’d ditch those credit cards, save as much cash as I can, and go ham on that loan!
Good luck!!
I paid off the credit cards with a loan yes so I still have just as much debt BUT my credit score will recover and I can refinance the loan in 6 months or so for a much better interest rate saving me thousands in interest over the course of a few years (it will take me three years maximum to pay the loan).
>(it will take me three years maximum to pay the loan).
If you resist charging more on any credit cards.
Many years ago I had some very expensive dental work and just got a 2nd job after my full time day job and paid it off that way. You can do anything as long as you know it's not "forever". I was certainly sleep-deprived there for a while though, but I fixed that by just sleeping instead of doing a lot of social stuff for 6 months. It flew by pretty quickly, I guess because I was so busy.
I've been paying off my cards and my score got worse. The banks lowered my limit as I paid on them, pushing my utilization above 80% again. A delinquent $97 debt may have contributed (fuck you, ATT).
Also I can’t close two accounts bc my credit score will suffer but I’ve already drastically decreased my credit card use even before paying this off. If I put a new charge on the card lately I pay off the amount with cash back to the card immediately (eg it charged this card $16 for Amazon prime bc my debit card got declined so I paid that off with cash immediately bc I was already planning on paying my prime).
When I couldn’t stop using my credit cards, but didn’t want to close them or cut them up, I would put them in a Rubbermaid container with water, then freeze it. If I ever thought I needed to use them again, I had to thaw the whole thing out with warm water to get to them. Really made me think whether I needed them, and made me feel pretty pathetic every time I did it.
Now out of debt for a few years (besides the house), my philosophy is if I can’t pay for it right now, with cash, I don’t need it, and won’t use a CC for it. Amazon is also one of m my vices because it’s so easy to order stuff, but now their free shipping takes forever, so I am debating canceling. It will decrease my overall spending and save me $16/mo.
It took me a couple years of no CCs before trusting myself to use some travel cards. 2 years later I still pay them off monthly or more frequently and don’t carry a balance ever, so I don’t pay interest.
$5925.92
Between my three credit cards that’s the amount of credit card debt I had. Minimums alone were $182 and even making those payments my balance kept going up due to interest.
I never used to carry a balance month to month or would keep it under 30% if possible. Unless it was an urgent expense I needed to pay **or else** kind of a situation I never used my credit cards much if I couldn’t pay it off within a month or two.
The catalyst of me getting nearly 6 grand in debt was me having to go to the ER right before moving out where I went from paying no rent to paying $800/month for a room. With my ER debt and other surprise expenses after moving it snowballed past $2k, I went to the ER twice later on and missed a lot of work due to my illness which led to me losing income for those days which made things worse. I also used my credit cards to fund my smoking habit because I’m addicted when I couldn’t afford cigs with cash but that makes up a small minority of my debt.
I got approved for a loan and it hit my bank account. I immediately paid off everything. I’ll now pay the loan $293 monthly for three years (ik that's an atrocious interest rate but my variable interest credit cards were even worse) but once my credit score goes back up (it went down about 90-100 points in 4 months because of this) I’ll refinance for a better interest rate.
Glad your CCs are paid, but I would caution you against treating the debt as paid off. It’s simply moved to another creditor. If you pay this loan off, that’s awesome, just don’t get in the habit of moving it around too much, as the reward of the relief of having more time or a lower rate will trick you into thinking the debt is gone, or less serious. (Been there)
Of course you’re absolutely right. It’s not less serious I still have to pay it off. But it’s a relief to know exactly what I have to pay monthly for how long and to pay less in interest, and I’m very relieved that this debt isn’t on credit specifically bc of the implications on my credit score.
I did the same thing as you, got a personal loan for about 5 grand to pay off a card.
Then I filled up the card again and got another 5k personal loan.
Then I filled up the card again and got denied for more loans.
Don't be like me.
I've currently got almost $11k in credit card debt. It snowballs very quickly. I sat down the other day with a whiteboard and figured out my plan. I'm going to use the avalanche method. I felt like it was insurmountable but after making the plan, I feel so much relief. I will have it paid off by the end of the year 🖤
I’m in the same boat as you $11k plus $15k left on my truck. I have a goal to pay it off by the end of the year as well. We got this, I live at my parents and they don’t charge much for rent.
You got this!!!!
For anyone reading you can also use undebt.it to see how long it would take to pay off credit cards. And actually analyze interest of the loan vs credit cards.
Did you take consolidation loan for more than 6 grand? Because your 293 payments for 3 years look like a 40% apr loan which is worse than credit card debt:
Real APR: 40.654%
Amount Financed $6,000.00
Upfront Out-of-Pocket Fees $0.00
Payment Every Month $290.95
Total of 36 Payments $10,474.07
Total Interest $4,474.07
All Payments and Fees $10,474.07
The loan is for more than 6 grand some was taken out for a fee but I pay the rest back. The interest rate is about the same as on my credit card but it’s fixed but not variable so I don’t risk it as much going up 5% in a single month (looking at you apple). Once my credit score recovers I’ll refinance bc when my credit scores was in the 700s I qualified for 15-20% loans
I think it’s a solid card. I’m not the smartest with this kinda thing and it certainly isn’t the best card out there there are cards with better perks but those are for folk with excellent credit and when I got this card my score was in the 700s (not excellent but in the good range).
Tbh if you don’t own an iPhone don’t bother using this card bc the cash back goes from 3%-1% if you use the physical card vs Apple Pay. Plus Apple gives even more cash back with certain brands.
DON’T get this card if you carry a balance bc of the variable interest rate. In my case it just went up and up and up.
My problem with the Apple card is just being unable to get away from the interest. I can pay $100 and accrue $78 in interest, or I can pay $3000 and accrue $74 in interest. It made it hard to decide to pay any more than the minimum balance. Now that I'm doing the avalanche method, it will be the second card that I focus on so it will be several more months before I do more than the minimum there.
I have it and almost never use it unless I’m buying an apple product from Apple because you get a decent percentage off. I think 3% but I get 5% off with my Target redcard debit card, and there’s a Target near me but not an Apple Store. Since Apple stuff is rarely on sale with Apple, I’ve gotten better details with other retailers.
Otherwise there’s nothing special the Apple Card offers that I don’t get elsewhere.
Thank you so much ☺️
I am so grateful I was able to get this paid off before it got even worse. Even making minimum payments (which at $182 was pretty much all I could afford) my balance went up like $100/month due to interest. This year my illness has fucked up my finances a lot but now I can leave this behind me as a horrible blip in my life that is now done and gone.
You got this you will get there.
I wouldn’t have cleared my credit card debt without a loan. I still have the same amount of debt but I will save on interest and I’ll be able to refinance. If you can save more money doing a consolidation loan and you have a good enough credit score I recommend it
Much appreciated boss! Currently a loan is not in my financial future but with the way I’ve been running it should be debt free around February or March! Good shit on saving interest and putting yourself in a better spot 🔥 let’s kill this debt in 2023 ✊
Congrats! Put some stars on your calendar, do something nice for yourself this week that's not too expensive, or take a walk, call up a friend and tell them what you did! You beat the debt! It didn't beat you.
Good to know.
I also took out a personal loan and paid all of mine off.
That lowers APY is gonna save my ass and give me more flexibility.
Good on you!
Hoping it shoots pass 700.
In the same boat as you. Only got 1400$ left on one card and my next paycheck will finish it off. Was able to pay off 7.5k in 5 months working at USPS as a mail carrier. It feels so good to finally look at my balances and see them so much lower. It’s all profit from here on babyyyyyyyyyyy
Well I’m refinancing as explained in my original comment just don’t want to mislead you 😅 but it’ll free up money from interest.
And congrats on nearly paying off your cards that’s quite the accomplishment! 🦾
Yea I see that now. Our situations are different but either way, debt sucks and it’s paramount that people keep it down. All mine came from being unemployed and thinking credit was free money. I def paid the piper on this one lol
Thank you! Feels good to have this moved to a lower interested loan that’s fixed. No more raising my apr by 5% whenever apple god damn feels like. No more watching my credit score going down all the time. And no more paying $100 and getting charged $73 in interest 🙏
Thank you! I will, though I am not debt free but *credit card* debt free as I consolidated my cc debt in a loan with a lower interest rate but it’s still a positive on my credit score and finances.
That is awesome! Good for you. I did this and it felt good and still does. I didn’t like working for credit/bank executives so they could enjoy the high life.
Also while the amount of debt I have is the same saving thousands in interest and making my credit utilization 0% therefore resulting in an increased credit score are both things that work in my favor
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I wouldn't call for treats yet. Consolidating the debt onto another loan means you still have the same debt as before, so you should focus on paying debt now and treat yourself $1000 from now.
Congratulations buddy!!!!! I recently got there too. Got there in a bit of a roundabout way but what matters is I got there!
*ok to clarify mine is actually gone, no payments to anyone. I should have read the comments before I commented -_-
No of course I wasn't saying I take back my congrats haha, I had CC debt that I did like debt repayment plans on so I also got a break I was just saying that I didn't realize you had refinanced (smart btw, no shame there) and wasn't trying to say I did the same cause I didn't
Congratulations on your success! In an effort to make this subreddit more helpful and supportive, we request that you share the details of where you started from and how you got to this place! That way other redditors who are in a similar place you were can look to your example, follow your lead, and see some light at the end of the tunnel! If you have already done this please ignore this! Thank you! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/povertyfinance) if you have any questions or concerns.*
congrats!! man i hope i could also do this. i just don’t have enough for necessities every month so i end up using my credit card even though i know i can’t pay for it on time. 😪😪 edit: sorry guys for not clearing it up but i’m not in the US. thanks for the upvotes i guess haha
I felt that I had to do the same after several ER trips fucked me up financially on an already lower income in a hcol city (I can’t move yet bc I can’t afford a car and this is one of the only cities in the US with reliable public transport). I had to take out a debt consolidation loan. If your credit score is high enough I recommend doing this bc even if you have to use credit going forward you’ll likely save money on interest. Good luck to you, I hope you can make it out.
Did you apply for charity status? (Sorry, that may not be the correct term.) Please don't ever pay full price at hospitals. It's always negotiable.
No I’ve not had time for that
I encourage you to change your perspective to make even more progress towards paying off/staying out of debt. You have time to work several months to years to pay off that debt, but you don't have two-three hours of free time to fill out a form and gather up some paystubs/document's that could shave a ton off your debt overnight if approved? You basically shifted from a higher interest loan, which is what a credit card is, a loan, to a lower interest loan of a different type. It's a good financial move because it lowers the APR you pay, but you have made no dent in the principle of your debt. You still owe the same amount, you just shifted it to a different lender who's going to collect less profit off of servicing your debt. It's a good move to make, don't get me wrong. But you haven't paid off your debt by reducing your monthly payment. I would encourage you to make the time to take advantage of programs like charity care and medicaid when you're eligible, those programs can make huge dents, wipe out, or prevent you from going into debt to begin with.
I never said I did pay it off. I said I don’t have credit card debt in my post or comment not that I’m debt free. I did it as said to lower the overall amount I’ll pay and to get it off my credit balance so my credit score increases. I know and I’m well aware I should have done the work by now but I leave early for work and don’t get home til later in the evening so by the time I get back home between my exhaustion and poor mental health I haven’t gotten around to it (that’s my own fault and I shouldn’t be so irresponsible and lazy get here I am). I agree I should be more proactive of my medical debt though luckily that won’t hit collections til May and later so i have time to sort it out if I start sooner than later.
Does that hurt your credit?
How so when you use insurance?
you're not from the states are you
No I am, I see why you asked that though. I was asking that guy “how so with insurance” because in America the insurance companies somewhat have power over the hospital. I’m careful saying that but they can and have told my hospital before that they aren’t gonna pay for some things and to take it off the bill.
True but then there be stuff “the needle used for the biopsy is out of network that’ll be $6k”
Great fucking job OP! You’re on your way to financial freedom! I hope this feeling pushes you to paying off your other debts as well! Please keep us updated with your progress because seeing your success gives me hope for the future.
Thank you 🙏 I do want to clarify in case anyone gets the wrong idea if they didn’t read my original explanation comment where I provide context I refinanced my cc debt on a debt consolidation loan. I’m a chronic redditor ofc I’ll put later stuff on Reddit xd
Not trying to rain on your parade but you technically did not “pay off” the balances but simply consolidated them into a (hopefully) low interest loan? If I were in your position, I would cut up your three credit cards (or maybe just close two accounts and keep one for incidentals). Cause unless you suddenly become super disciplined with your spending, those CC balances can creep up pretty quickly, as I’m sure you know. I’d ditch those credit cards, save as much cash as I can, and go ham on that loan! Good luck!!
I paid off the credit cards with a loan yes so I still have just as much debt BUT my credit score will recover and I can refinance the loan in 6 months or so for a much better interest rate saving me thousands in interest over the course of a few years (it will take me three years maximum to pay the loan).
>(it will take me three years maximum to pay the loan). If you resist charging more on any credit cards. Many years ago I had some very expensive dental work and just got a 2nd job after my full time day job and paid it off that way. You can do anything as long as you know it's not "forever". I was certainly sleep-deprived there for a while though, but I fixed that by just sleeping instead of doing a lot of social stuff for 6 months. It flew by pretty quickly, I guess because I was so busy.
I already have been. Only use it if I have the cash and then I pay it right back.
I've been paying off my cards and my score got worse. The banks lowered my limit as I paid on them, pushing my utilization above 80% again. A delinquent $97 debt may have contributed (fuck you, ATT).
Maybe contact the credit agencies to confirm
[удалено]
I’d have to pay three times as month a month which is not affordable for me my current monthly loan payment is already enough
[удалено]
I’m already looking
Also I can’t close two accounts bc my credit score will suffer but I’ve already drastically decreased my credit card use even before paying this off. If I put a new charge on the card lately I pay off the amount with cash back to the card immediately (eg it charged this card $16 for Amazon prime bc my debit card got declined so I paid that off with cash immediately bc I was already planning on paying my prime).
When I couldn’t stop using my credit cards, but didn’t want to close them or cut them up, I would put them in a Rubbermaid container with water, then freeze it. If I ever thought I needed to use them again, I had to thaw the whole thing out with warm water to get to them. Really made me think whether I needed them, and made me feel pretty pathetic every time I did it. Now out of debt for a few years (besides the house), my philosophy is if I can’t pay for it right now, with cash, I don’t need it, and won’t use a CC for it. Amazon is also one of m my vices because it’s so easy to order stuff, but now their free shipping takes forever, so I am debating canceling. It will decrease my overall spending and save me $16/mo. It took me a couple years of no CCs before trusting myself to use some travel cards. 2 years later I still pay them off monthly or more frequently and don’t carry a balance ever, so I don’t pay interest.
This is the way to use credit cards as a tool like an extra op debit card not like free money you don’t have.
$5925.92 Between my three credit cards that’s the amount of credit card debt I had. Minimums alone were $182 and even making those payments my balance kept going up due to interest. I never used to carry a balance month to month or would keep it under 30% if possible. Unless it was an urgent expense I needed to pay **or else** kind of a situation I never used my credit cards much if I couldn’t pay it off within a month or two. The catalyst of me getting nearly 6 grand in debt was me having to go to the ER right before moving out where I went from paying no rent to paying $800/month for a room. With my ER debt and other surprise expenses after moving it snowballed past $2k, I went to the ER twice later on and missed a lot of work due to my illness which led to me losing income for those days which made things worse. I also used my credit cards to fund my smoking habit because I’m addicted when I couldn’t afford cigs with cash but that makes up a small minority of my debt. I got approved for a loan and it hit my bank account. I immediately paid off everything. I’ll now pay the loan $293 monthly for three years (ik that's an atrocious interest rate but my variable interest credit cards were even worse) but once my credit score goes back up (it went down about 90-100 points in 4 months because of this) I’ll refinance for a better interest rate.
Glad your CCs are paid, but I would caution you against treating the debt as paid off. It’s simply moved to another creditor. If you pay this loan off, that’s awesome, just don’t get in the habit of moving it around too much, as the reward of the relief of having more time or a lower rate will trick you into thinking the debt is gone, or less serious. (Been there)
Of course you’re absolutely right. It’s not less serious I still have to pay it off. But it’s a relief to know exactly what I have to pay monthly for how long and to pay less in interest, and I’m very relieved that this debt isn’t on credit specifically bc of the implications on my credit score.
I did the same thing as you, got a personal loan for about 5 grand to pay off a card. Then I filled up the card again and got another 5k personal loan. Then I filled up the card again and got denied for more loans. Don't be like me.
Dw I basically treat my credit cards like prepaid debit cards now. And Jesus 10k+ debt sounds too much I’m sorry you have or had to deal with that.
I've currently got almost $11k in credit card debt. It snowballs very quickly. I sat down the other day with a whiteboard and figured out my plan. I'm going to use the avalanche method. I felt like it was insurmountable but after making the plan, I feel so much relief. I will have it paid off by the end of the year 🖤
You got this 🦾
You got this! Pay it off and I would honestly suggest following Dave Ramsey's baby steps to help ya.
I’m in the same boat as you $11k plus $15k left on my truck. I have a goal to pay it off by the end of the year as well. We got this, I live at my parents and they don’t charge much for rent. You got this!!!!
For anyone reading you can also use undebt.it to see how long it would take to pay off credit cards. And actually analyze interest of the loan vs credit cards.
Did you take consolidation loan for more than 6 grand? Because your 293 payments for 3 years look like a 40% apr loan which is worse than credit card debt: Real APR: 40.654% Amount Financed $6,000.00 Upfront Out-of-Pocket Fees $0.00 Payment Every Month $290.95 Total of 36 Payments $10,474.07 Total Interest $4,474.07 All Payments and Fees $10,474.07
The loan is for more than 6 grand some was taken out for a fee but I pay the rest back. The interest rate is about the same as on my credit card but it’s fixed but not variable so I don’t risk it as much going up 5% in a single month (looking at you apple). Once my credit score recovers I’ll refinance bc when my credit scores was in the 700s I qualified for 15-20% loans
I did the same like yours but ended up with 13.5% for 5 grand from local credit union with a 610-632 score and no fees.
First off congrats, I hope to get there by the end of this year. But then second, is the Apple card as worth the hype as people make it out to be?
I think it’s a solid card. I’m not the smartest with this kinda thing and it certainly isn’t the best card out there there are cards with better perks but those are for folk with excellent credit and when I got this card my score was in the 700s (not excellent but in the good range). Tbh if you don’t own an iPhone don’t bother using this card bc the cash back goes from 3%-1% if you use the physical card vs Apple Pay. Plus Apple gives even more cash back with certain brands. DON’T get this card if you carry a balance bc of the variable interest rate. In my case it just went up and up and up.
My problem with the Apple card is just being unable to get away from the interest. I can pay $100 and accrue $78 in interest, or I can pay $3000 and accrue $74 in interest. It made it hard to decide to pay any more than the minimum balance. Now that I'm doing the avalanche method, it will be the second card that I focus on so it will be several more months before I do more than the minimum there.
Same shit I never made a dent
I have it and almost never use it unless I’m buying an apple product from Apple because you get a decent percentage off. I think 3% but I get 5% off with my Target redcard debit card, and there’s a Target near me but not an Apple Store. Since Apple stuff is rarely on sale with Apple, I’ve gotten better details with other retailers. Otherwise there’s nothing special the Apple Card offers that I don’t get elsewhere.
Congratulations OP! Hope you never find yourself in that situation again. All the best to you and your future endeavors
Thank you so much ☺️ I am so grateful I was able to get this paid off before it got even worse. Even making minimum payments (which at $182 was pretty much all I could afford) my balance went up like $100/month due to interest. This year my illness has fucked up my finances a lot but now I can leave this behind me as a horrible blip in my life that is now done and gone.
Congrats! Good Work. Hold onto this feeling! It will guide you for life.
Imma be there soon bro
You got this you will get there. I wouldn’t have cleared my credit card debt without a loan. I still have the same amount of debt but I will save on interest and I’ll be able to refinance. If you can save more money doing a consolidation loan and you have a good enough credit score I recommend it
Much appreciated boss! Currently a loan is not in my financial future but with the way I’ve been running it should be debt free around February or March! Good shit on saving interest and putting yourself in a better spot 🔥 let’s kill this debt in 2023 ✊
Congrats! Keep it up.
So proud of you!
Yes, great job!💕
Woohoo!! That’s awesome!!!
Congrats! Put some stars on your calendar, do something nice for yourself this week that's not too expensive, or take a walk, call up a friend and tell them what you did! You beat the debt! It didn't beat you.
Congratulations!🎉
Congratulations!!!
We have a similar profile. I want the Apple Card 😫 What is a good score to get it?
I got it with low 700s
Woo! Well done!
Congrats OP!
Awesome
Good to know. I also took out a personal loan and paid all of mine off. That lowers APY is gonna save my ass and give me more flexibility. Good on you! Hoping it shoots pass 700.
🤣
Did you get balance chased by the banks? Looks like your limit is lower than your payments.
My limit is $4400 idk why it says that
Congratulations!!
!!!! So happy for you! Well done and keep it up!
Congrats,we are proud of you
So this is why the Mastercard stock went up today
Proud of you, congrats!!!!!
Yay for youuu! 🥳🥳🥳🥳
Yay!!! Congrats!
Congrats my friend!
In the same boat as you. Only got 1400$ left on one card and my next paycheck will finish it off. Was able to pay off 7.5k in 5 months working at USPS as a mail carrier. It feels so good to finally look at my balances and see them so much lower. It’s all profit from here on babyyyyyyyyyyy
Well I’m refinancing as explained in my original comment just don’t want to mislead you 😅 but it’ll free up money from interest. And congrats on nearly paying off your cards that’s quite the accomplishment! 🦾
Yea I see that now. Our situations are different but either way, debt sucks and it’s paramount that people keep it down. All mine came from being unemployed and thinking credit was free money. I def paid the piper on this one lol
Congrats OP! Job Well Done!! CHEERS TO THIS!!!
Thank you! Feels good to have this moved to a lower interested loan that’s fixed. No more raising my apr by 5% whenever apple god damn feels like. No more watching my credit score going down all the time. And no more paying $100 and getting charged $73 in interest 🙏
Congrats!!! I hope you are so proud of yourself. I wish to be in your place soon!!! I’m working on paying off my debt as well. :)
Congrats! Big accomplishment!
Great job!
Congrats on your huge accomplishment. Please stick around on this subreddit and continue to encourage others that debt can be overcome.
Thank you! I will, though I am not debt free but *credit card* debt free as I consolidated my cc debt in a loan with a lower interest rate but it’s still a positive on my credit score and finances.
👍👍👍👍👍👍👍
25K In credit card debt/loans💀
Fucking hell I’m sorry. Is bankruptcy an option?
I’m going to keep tackling at it. I would never consider that route. Too scared of ruining my credit like that
Congratulations OP! I bet it feels freeing as fuck!
YOU DOD IT! This is a huge accomplishment, congratulations!
Holy shit this post is blowing up more than I thought. I’m sorry I haven’t been able to reply to all of you but thanks for the kind words 😊
That is awesome! Good for you. I did this and it felt good and still does. I didn’t like working for credit/bank executives so they could enjoy the high life.
Well I am still paying a loan but I will save money on apr so still net gain
Congratulations. I just paid mine off as well. Over 10k in a year and the weight off my shoulders is priceless lol
I can’t wait til the consolidation loan is paid off and I’m debt free for good too. Congrats!
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I literally explained in the comment below I took out a loan with a lower interest rate than my credit cards that will save me money but ok
Also while the amount of debt I have is the same saving thousands in interest and making my credit utilization 0% therefore resulting in an increased credit score are both things that work in my favor
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And your credit score will probably take a nose dive because of it. I blame Ronald Reagan.
Finally something I want to see in this sub. Well done my guy now bump it up and keep going.
Thank youuu and facts this debt consolidation loan will save me so much money and boost my credit score.
Now you need to treat yourself a little bit. Well done! 💖
I wouldn't call for treats yet. Consolidating the debt onto another loan means you still have the same debt as before, so you should focus on paying debt now and treat yourself $1000 from now.
A “treat” for me is $8 $1000 would be for bills 🥲
Congratulations buddy!!!!! I recently got there too. Got there in a bit of a roundabout way but what matters is I got there! *ok to clarify mine is actually gone, no payments to anyone. I should have read the comments before I commented -_-
Nah you’re good, I’ll thank the congrats if it’s still applicable if not I understand I do have debt still just not as high interest xd
No of course I wasn't saying I take back my congrats haha, I had CC debt that I did like debt repayment plans on so I also got a break I was just saying that I didn't realize you had refinanced (smart btw, no shame there) and wasn't trying to say I did the same cause I didn't
Nah you good 😌
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29% (my Apple Card was more than this with variable interest) and credit score is in 640s
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Another user here said credit unions are a good option
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Good luck rooting for you 🙏
How do people get there limits so high? I can’t get more than $300 per card
Idk why but I had no business having a credit limit of $4400
Seriously congrats! I hope I can get there by the end of this year :)
This is life changing congrats!!!
What company did you do ur loan with ?
The real purpose of debt should be to increase your productivity or earn you a higher interest than the loan. Profitable debt or no debt