how to cope with debt

Are You in Debt? Here’s How to Cope

Credit card debt causes more problems in marriage than any other issue

I know; I’ve been there and fought my way out of the abyss. It wasn’t easy but I did it and so can you.

Three years ago, after checking my direct deposit and seeing the amount that was in my checking account, I began to pay bills. Money was put into savings, and I took out for groceries and other household bills. So far, so good. Then I came to my credit cards. When I was done paying all my bills, I was left with a whopping twenty-three dollars and fifty-two cents for two weeks until my next pay check! How did this happen?

Here’s how: a few years previously my husband’s position as a senior analyst was done away with due to company downsizing. He made a decision to go into teaching and I supported him; emotionally and figuratively. But, living on one paycheck was hard and I charged a few things; too many things.

I was worried about my credit limit when, like a fairy godmother, another credit card offer arrived in the mail. Yay! I was saved! But was I?

That began the great credit card balancing act. I transferred one balance after another to no interest cards but still kept the original cards “just in case.” At the end of three years, I ended up with three cards totally eleven thousand dollars in all! I was in a financial mess.

The time limit for the cards with the no interest rates was running out. The other “just in case card” with a higher rate was killing me in interest. My paycheck was going to pay off past debt.

I told my husband who had a surprise of his own. The one card he kept had gotten out of hand too. We took drastic action.

The first thing I did was to cancel all my cards except one, which I locked in my desk. Secondly, I committed to making massive payments to the cards which had a no interest time limit and transferred my high interest account to a much lower one. My husband doubled up on payments to his low interest card.

It took us two struggling, no frills years to become credit card debt free. The money we once paid to card companies now goes into a savings account.

Was it hard living without credit cards? Yes, but living with constant debt was much worse.