Acing the Debt Obstacle Course
April 5th, 2012One of my most liberating moments ever was making that final payment that made me debt-free. At its worst, my credit card debt was around $15k and it was a terrible feeling. There were some setbacks and some habits that kept me from getting there for a while. Here are a few of the obstacles that tripped me up along the way.
Obstacle 1: Account overload. I had about three credit cards and a few different kinds of student loans. That meant it was pretty hard keeping track of where my payments were supposed to go and when. It also made it tough to get a grip on my balances and interest rates.
The fix: Keeping all of my debt paperwork in one place and making a sheet with the contact info., due dates, balances and interest rates for each account.
Obstacle 2: Interest oblivion. I had some of my biggest balances on my highest interest cards, which meant I was making payments and still getting nowhere.
Tags: Debt, Debt Obstacle
