Comments on: Done with Debt?

By: Anisa Hankison

Anisa Hankison — Fri, 05 Mar 2010 07:54:29 +0000

Found your blog on Yahoo and was so glad i did. That was a warming read. I have a small question.Is it OK if i send you an email???…

By: Stacey D.

Stacey D. — Mon, 08 Feb 2010 19:47:00 +0000

HI Gail,
I just have a lil question. I have $3000 on a visa card. It should be paid off in 3 months as i have an extra $1500 a month to go towards savings and debt repayment. I also have a line of credit that i’m working on paying off.. My question is that i have $1000 available to me on the line of credit… Should i use the available credit to put towards my visa card as that interest rate is significantly less??
Either way, the debt should be paid off by the end of the year. Was just wondering if this is a smart way to go?

By: Overseas Friend

Overseas Friend — Fri, 05 Feb 2010 21:04:10 +0000

I am kicking my credit card debt to the kerb! I have the plan in place I will have paid one card off by April and the second one by December! So long credit card debt!

By: Sharon

Sharon — Fri, 05 Feb 2010 20:12:09 +0000

I was just starting on my way, with a modest emergency fund, and the credit cards put away, when two things happened: January was an unusually low-income month, and my car decided to have multiple things fail at once. So, $1500 in repair bills later, with my emergaency fund gone and my credit maxed out, I am very glad that we actually had paid down enough of our card debt that we could get our car repaired, otherwise, we would lose out on income.

Thank-you Gail. I really want to be out of debt, and I plan to be before 2015, but it just isn’t happening right now.

By: Jenny

Jenny — Fri, 05 Feb 2010 04:50:41 +0000

i will be taking a vacation back home (hoping that the ontario teachers won’t do the strike) after this term… and i am looking forward to it without having to worry about getting into debt (or at least so much debt). i have been saving for it and my ticket is now paid and all the gifts for my family and friends… and i have also saved for fun! yipeeeeeeee!!!!

By: Jenny

Jenny — Fri, 05 Feb 2010 04:47:53 +0000

hei Carla…

what you said is so TRUE-lala!

By: Jenny

Jenny — Fri, 05 Feb 2010 04:46:28 +0000

hi moneymagnet,

thanks for the link!

By: Marie

Marie — Fri, 05 Feb 2010 02:46:55 +0000

Ajana:
No interest paid, no guilt needed! (Unless you feel bad about keeeping your money and keeping it from the merchant.) I think your approach is great. Just stick to the plan! Once the machine is all yours, keep putting that amount aside for those rainy days. You made the best of your situation.

By: Ajana

Ajana — Fri, 05 Feb 2010 02:40:04 +0000

Now I’m feeling guilty. Just as I got out of debt, the washing machine went kaput. Part of my emergency fund had also just gone on an additional tax payment from a re-evaluation.

So I purchased it on my credit card. But wait – there’s more. The store and my card would let me buy a new machine at 24 months interest-free instalments. I re-jigged my monthly budget and worked out that I could buy the machine I wanted in 12 monthly instalments instead of 24. The salesperson looked surprised, I guess not many people ask to pay more each month. I also received supermarket vouchers and every month I get points on my card.

The machine is now half mine. I paid no interest on the cc payment as I have the amount in my budget and I pay it off in full every month. Yet I still feel guilty.

By: Stephanie

Stephanie — Fri, 05 Feb 2010 02:27:09 +0000

Jo G – we are on the one month in thing too!
It’s very eye opening and scary too that we did this to ourselves. We will be out of debt by the end of 2013 unless the money faires come and grant us a boon!
I never realized how much we spent on things like groceries and gas let alone crap and crap.

By: moneymagnet

moneymagnet — Fri, 05 Feb 2010 01:06:48 +0000

I learned my credit card debt lesson many years ago, so don’t do consumer debt anymore. I’d rather use my credit card to get an ‘interest-free’ loan and pay it off in full when it comes due – no minimum payments here. These cc companies should be forced to include with your statement a chart showing the amount of interest and the length of time it would actually take if you only make the minimum payment. It’s kinda hard to miss the obvious when it is staring you in the face – but then again, they wouldn’t make any money if people only knew . . . except for those folks who consider any credit available to them as part of their income! I’d rather keep my hard earned money than blindly give it away to banks/credit card companies.

For those of you who aren’t aware, Gail was on Steven and Chris yesterday (http://www.cbc.ca/video/#/Shows/Steven_and_Chris/ID=1403960390). It is episode 147/Feb 3 – I believe her segment is @ the 22 minute mark). Enjoy.

By: Sunshine

Sunshine — Fri, 05 Feb 2010 00:33:31 +0000

First of all, I love to read your blog everyday. I discovered it a few months ago and I’m now addicted. It really helps me stay focus. So hands up for you Gail!!!

I was dragging a cc debt (not super high, about 1000$) but still I didn’t like that fealing. Just cleared it up a month ago.

I’m really not good to manage my cc, I take it for cash and go overboard on stupid stuff I buy with it. I have tried to stop this bad habit many times but failed. I decided to take a bit step and told my boyfriend to take my cc and hide it from me so now I don’t have access to it. It may sound extreme as a solution but for me this is the only way it works. Its been a month and a half and bu current balance on my cc is at 0$. It feels great and I will continue this way.

By: Amber

Amber — Thu, 04 Feb 2010 22:35:31 +0000

This is why I never carry a balance on any of my credit cards, the interest is highway robbery! I wish that more people were aware of how exorbitant it truly is.

By: ~Carla~

~Carla~ — Thu, 04 Feb 2010 22:34:25 +0000

As always I love your post today!! The furniture example struck me because last year I saved up for a large dining room set, paid in full with cash, I just saved up for a new couch (paid cash in full) and am mow saving for the matching loveseat! Next up will be new lamps… The best part about my new furniture is that when it comes into our home, we actually OWN it! It’s a good feeling!!

By: KL

KL — Thu, 04 Feb 2010 21:16:34 +0000

I just discovered your show here in US and now I am addicted. I adopted the jars and have been totally amazed by how more conscious it makes me of spending but what I spend on. I think setting a goal and seeing a end game helps to curb the shopping. Thanks Gail, you were the kick in the pants I needed.