I know we’re all so tired of the ‘how do I pay off CC debt?’ question. The answer is almost always cut spending and pay down the high interest cards first. Done.
I’ve realized that on my own, I suck at this, and could really use a mindset change – I’ve been in CC debt for a decade now, I’ve always lived in HCOL areas and lived above my means, I was young and didn’t want to miss out…Now, in my thirties, I’m living with those poor decisions by not being able to buy a house or build a savings since I’m hemorrhaging money each month trying to pay down my cards. No matter how much more money I make, the debt never seems to go away.
I’ve been *managing*, probably irresponsibly, by opening a lot of credit lines and using balance transfers and low interest loans to move my debt. Luckily, my credit score is still 760+
right now I have about $27k in CC debt, distributed between the accounts below. I make enough to pay them each month but it’s holding me back financially. Some months I’ll be good about cutting spending, then a trip comes up that I can’t miss or I simply lose sight of things, so I’m seeking advice on how to *really* act on this. If anyone has gone though something similar I would love to learn how you got out from a planning and mindset point of view.
​
Monthly pay after taxes = $6,300, this includes a minimal 2% going to my 401k
Rent = $1,800 including utilities
Student Loan = $760
Car payment + insurance = $380
Small interest loan 1 = $440
Small interest loan 2 = $ 490
Groceries = $400-500
so I have ~$1,900 a month to use towards debt or savings
​
that $1,900 always gets spread across these accounts
CC card 1 – $300
CC Card 2 – $800
CC Card 3 – $350
CC Card 4 – $1,900, balance transfer promotion so no interest until 10/22
CC Card 5 – $8,500, balance transfer promotion so no interest until 05/23
small interest loan 1 – $2,600
small interest loan 2 – $12,700
​
yes, I’m embarrassed after typing that last part out
The answer is in the question.
>cut spending and pay down the high interest cards first. <
If this is “done” then what are you asking for?
You need to pretend that you have no money. You don’t get to buy anything new. You don’t get to order food in. You don’t get to take trips. You seriously consider gig work in your free time. You figure out how to earn more money by working harder or adding new skills.
You’re looking for a magic mindset change – the only one that needs to be made is for you to tell yourself to stop acting like a child with no self control. Just because you want it doesn’t mean you need to buy it. Buck up, grow up, and realize that no one is going to bail you out. Stop pushing your debt under the rug – stop transferring balances to 0% offers. Interest is meant to be a punishment that deters you.
I was like you and it took me a long time to change my mindset. I finally realized I was blowing money on things that didn’t bring me happiness and I got more joy out of saving and investing.
It sounds like you may have some trouble with impulse control. There are numerous articles regarding controlling impulse spending that might be helpful.
Prepare a budget that includes a “fun” category. Allow yourself to have some fun, but only use the money set aside for that purpose. If a cool trip comes up and there isn’t enough money in the fun category, look for a different activity. Remind yourself that missing something now doesn’t mean you can never do it.
Also, remind yourself that reducing/eliminating your debt will allow you to allocate more money to the fun category.
There should also be a savings category too.
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