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Thread: Thanks, savvymoney!
December 1st, 2011 #1
- Join Date
- Sep 2011
It does work! I joined in September and I can see it working. I've shortened by debt payoff date by one month! It's really helpful to see how much debt I've paid off and I love it when I get my weekly reminders of payments that are due in the next two weeks and I've already paid them. I'm working on getting my credit card balances down to 50% of my credit lines.
Another thing I like in the debt paydown plan is that any purchases I make on a credit card automatically goes on the stay-on-track payment. That is a great reinforcement for me not to spend unless it's necessary.
December 1st, 2011 #2
1 members found this post helpful.
Thanks so much for the kind words. They mean a lot.
You're doing a lot of things well. I love that you're paying early. It's human nature to sit back and wait to make a payment until it's due. But if you're incurring interest at >20%, that's pretty expensive--if you have the cash and are just waiting to pay it, you're costing yourself a lot of money. Sounds little, but it adds up over time.
I'm also glad that you like the purchases / stay-on-track payment. Sometimes it's easy to focus on the positive (making payments) and forget that we're charging on the back-end. We'll be doing more with purchases and transactions and should be releasing that soon.
Thanks so much for the kind words!!! Good luck with getting out of debt--sounds like you're doing a great job!Scott started SavvyMoney because he passionately believes that life is better without debt. Since everyone should have a superhero name, Scott decided that ThriftyMan pretty well described his mission to save the world. Scott used to market credit cards, but now dedicates himself to people out of debt.