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This Couple Paid Off $92,000 in Credit Card Debt in 5 Years
Daily Finance ^ | 9/15/12 | Michael Lerner

Posted on 09/22/2012 4:32:36 AM PDT by SoFloFreeper

Jerry Bailey, a minister in Jackson, Mich., says he feels as if he has been given back his life. It's a dramatic statement -- and the story behind these words is, indeed, pretty extraordinary...

It was 2005, and the couple had rung up approximately $92,000 in charges on their credit cards. At one point, they had 17 of them.

(Excerpt) Read more at m.aol.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: credit; discipline; money
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To: oprahstheantichrist
The m.aol.com means it's formatted for a smartphone.

Ah. Thanks.

21 posted on 09/22/2012 7:14:11 AM PDT by TangoLimaSierra (To the left the truth looks like Right-Wing extremism.)
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To: SoFloFreeper

With the money supply being expanded at the rate it is, being in debt makes sense. I can’t bring myself to do it, but it makes sense.


22 posted on 09/22/2012 8:08:46 AM PDT by Born to Conserve
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To: sr4402

“After getting rid of all credit but the home mortgage, we got rid of that too, $90,000 in a year and a half. Was layed off three fourths of the way, but still did it. Used no credit counseling service, just listened to Dave Ramsey.”

NICE JOB!!! The whole key is to look at the small expenses and cut them out. It’s not that hard, and you wake up the next morning with less debt, but still feel human (i.e., most of those expenses simply aren’t needed).

It amazes me how many of my co-workers buy Starbucks a couple of times, some snacks, and then go to lunch. They’re out $20 per day, out of pocket, for stuff that would otherwise add up to $2 per day if spent more carefully (i.e., supermarkets, or especially Sam’s Club).

By the way, that $20 per day is about $5,000 per year. If the misses does the same, then $10k per year (i.e., in 3 years, at most, you could buy a new car with cash).


23 posted on 09/22/2012 8:10:31 AM PDT by BobL (You can live each day only once. You can waste a few, but don't waste too many.)
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To: GOP_Party_Animal

They apparently couldn’t qualify for a loan. Besides, they needed to learn a lesson.

If they’d refinanced and paid off 17 credit cards, they would’ve then had a much larger mortgage PLUS 17 credit cards with newly available zero balances. And, the fun times would’ve started all over again.

Don’t make credit card payments...lose the card and your credit score.

Don’t make house payments...lose your house.


24 posted on 09/22/2012 8:30:35 AM PDT by moovova
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To: Wonder Warthog

The United States is an awesome place. I have not finished a degree, yet am able to be very productive.


25 posted on 09/22/2012 8:33:00 AM PDT by eyedigress ((zOld storm chaser from the west)/?)
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To: Wonder Warthog; eyedigress

God Bless all of you & yours.


26 posted on 09/22/2012 8:37:42 AM PDT by Carriage Hill (Libs, dems, unions, leftist scum & murderous muzzies - are like bacteria: attack, attack, attack!)
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To: SoFloFreeper

Really not so hard to do it you take out another 20 credit cards.


27 posted on 09/22/2012 9:30:12 AM PDT by ProtectOurFreedom
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To: RegulatorCountry

You might want to go back and read my whole post. I am not advocating cashing out your equity and going on a world cruise. But, what the hell do I know? I have never been bankrupt, nor have I ever ruined some poor suckers fleet of trucks.


28 posted on 09/22/2012 10:21:24 AM PDT by beef (Who Killed Kennewick Man?)
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To: beef

I have no idea what you’re talking about.


29 posted on 09/22/2012 10:48:47 AM PDT by RegulatorCountry
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