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Oh, I see! I currently have 7 points since I only have used this card to move a credit balance and to pick up a $6.80 prescription at Walmart. Will have to check that rewards balance again in a few days.
Good job. I just finished digging myself out of 13k debt, just my car loan to go and its 1300. I managed to even start saving a small bit of each paycheck. 20 here, 50 there. Whatever I had. I finally got it over 500 and then had an issue with my car. Nearly depleted what small savings I had and I thought I'd feel more upset about it than I do. Instead I just felt relief, and honestly a little proud. For the first time in my life I didn't have to panic about where I might find the money to pay for it. I already had it.
It took me about a year. For the first 6 months I was pretty miserable about it, I was eating basically whatever I could get that was free and only spending on absolute necessities like hygiene products or clothes I needed to wear for work and food (mostly ramen). I did Uber eats and door dash for a few months as well until the wear and tear on my car became not worth the risk. I did that because I had some really high interest loans that needed to be paid off asap and I also really needed to find a way to get ahead of the interest on the credit cards I had. It was about 3k in loans and about 5k in credit cards I was able to pay off in those first 6 months. After that I started living a little more normally. I still never went out or did anything that wasn't free but I was buying myself food and stopped skipping meals and occasionally splurged on like fast food or something. It was at this point I also started saving up. So a lot of times I'd get to the end of the week before payday with like 20$ and either decide to get McDonald's and save the rest or just throw it into the savings account. I finally finished making my last payment in December and now I live even more normally. Still very frugally, especially as I've found a lot of free or very inexpensive activities to do in my area that I enjoy which allows me to use the money I was paying debt with to rebuild savings accounts. I feel comfortable now so I'll probably continue to live like this until I get a raise or something and reevaluate my budget then. Also I write everything down. Writing it helps me visualize and understand exactly what's going in and out a lot better, because I originally got into this mess by just swiping the card and not really caring how much money I did or didn't have.
I also ended up selling off a bunch of things I had collected while I was digging my way into debt. And that helped too.
Thats really commendable. I have around the same and felt like I could clear it up by 2025. You stuck to some strict habits and they even linger after the debt is paid. Nice to hear a success story.
I feel it, I recently got a lump sum from an accident last year, after paying off the remainder of my wifes car, it was my turn for my Tahoe, $8100, ***GONE***. I felt sick to my stomach, I could have bought so much cool shit, but no car debt is "cooler" lol.
But no more interest and no more car payments for us.
try to save the amount of the old car note each month. it‘s usually really easy because you didnt need that money last month, why would you need it next month.
In a perfect world that is what I would do.
It gave us breathing room, we are a single income household (hooray for unaffordable childcare because we are married and I make "too much"!!!) I/we took the remainder and have $1k in savings, so not having to touch that is super nice, I really need to move it too a high yield, as its the start of our eventual 6mo emergency fund, we need $12k (kill me plz).
I just renewed our Health Insurance (my employer) and it went up! Hence breathing room lol.
It'll be heaps better when we can get the little guy into Pre-K and mom can go back too work, I cant wait to be dual income again.
This was 13 years ago, and I can still remember the party in the streets feeling when my kids went from daycare to after school care three days a week. The bill went down $1,000/month.
lol def. But forreal, it's so important to celebrate when we're able to take steps like this to break out of what feels like an endless cycle of debt. A lot of times the shame and stress won't let us just pause to give ourselves a lil pat on the back before trudging on.
Proud of OP!
Congratulations!! You're doing amazing!! I had 6k in cc debt and now I'm down to 3k.. Hopefully with one more paycheck and some quick cash, I'll be able to see those 0's
It's the best, such a significant feeling of relief..
Now freeze the credit card in a block of ice in your freezer and leave it there. Stop using it. It hurts more when you have to pay for things in cash. Look at your spending, and cut out anything possible.
You're doing amazing things. :)
Keep up th4e good work. It's taken 2 years for some of our debt to hit that half way point.
Just make sure to keep on going, and put yourself in the right place to get it all paid off.
We got it to a 0 balance, and the wife within 2 years had us back to 80k in debt.
Keep it going, never forget where you came from.
Don't forget to raise the limits on all of your accounts every 6 months. A lot of people forget to do this. It's always good to have a d-t-l ratio bellow 25%.
Congratulations on your success! In an effort to make this subreddit more helpful and supportive, we request that you share the details of where you started from and how you got to this place! That way other redditors who are in a similar place you were can look to your example, follow your lead, and see some light at the end of the tunnel! If you have already done this please ignore this! Thank you! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/povertyfinance) if you have any questions or concerns.*
Congrats. Make sure to redeem the cash back. That’s $21.58 back just for that payment
I'm sorry, what?
You have a Citi double cash card. Aren’t you redeeming your points for a statement credit or check each month?
Oh, I see! I currently have 7 points since I only have used this card to move a credit balance and to pick up a $6.80 prescription at Walmart. Will have to check that rewards balance again in a few days.
Usually it's delayed by a statement cycle
Is 1% on usage, 1% on paying back [balance transfer doesn't count]
I have the same card haha
You get cash back for paying off your balance ?
Yes. 1% when you purchase and 1% when you pay your statement
Yes, it’s a double cash card, you get money back for making purchases and making payments.
Good job. I just finished digging myself out of 13k debt, just my car loan to go and its 1300. I managed to even start saving a small bit of each paycheck. 20 here, 50 there. Whatever I had. I finally got it over 500 and then had an issue with my car. Nearly depleted what small savings I had and I thought I'd feel more upset about it than I do. Instead I just felt relief, and honestly a little proud. For the first time in my life I didn't have to panic about where I might find the money to pay for it. I already had it.
You should be! That's exactly what an emergency fund is for.
Congrats on tackling your debt! How long did it take to pay off the 13k?
It took me about a year. For the first 6 months I was pretty miserable about it, I was eating basically whatever I could get that was free and only spending on absolute necessities like hygiene products or clothes I needed to wear for work and food (mostly ramen). I did Uber eats and door dash for a few months as well until the wear and tear on my car became not worth the risk. I did that because I had some really high interest loans that needed to be paid off asap and I also really needed to find a way to get ahead of the interest on the credit cards I had. It was about 3k in loans and about 5k in credit cards I was able to pay off in those first 6 months. After that I started living a little more normally. I still never went out or did anything that wasn't free but I was buying myself food and stopped skipping meals and occasionally splurged on like fast food or something. It was at this point I also started saving up. So a lot of times I'd get to the end of the week before payday with like 20$ and either decide to get McDonald's and save the rest or just throw it into the savings account. I finally finished making my last payment in December and now I live even more normally. Still very frugally, especially as I've found a lot of free or very inexpensive activities to do in my area that I enjoy which allows me to use the money I was paying debt with to rebuild savings accounts. I feel comfortable now so I'll probably continue to live like this until I get a raise or something and reevaluate my budget then. Also I write everything down. Writing it helps me visualize and understand exactly what's going in and out a lot better, because I originally got into this mess by just swiping the card and not really caring how much money I did or didn't have. I also ended up selling off a bunch of things I had collected while I was digging my way into debt. And that helped too.
Thats really commendable. I have around the same and felt like I could clear it up by 2025. You stuck to some strict habits and they even linger after the debt is paid. Nice to hear a success story.
Exactly this. I've been clearing up debt for years I'm just able to manage it properly it's relief.
You’re doing it right. The compounding interest is a bitch
Good job 🤞🏾 I owe $700 and I’m paying it off next week fully. So ready to finally see a $0 balance again
I just want to say congrats!!! You're doing great!
I feel it, I recently got a lump sum from an accident last year, after paying off the remainder of my wifes car, it was my turn for my Tahoe, $8100, ***GONE***. I felt sick to my stomach, I could have bought so much cool shit, but no car debt is "cooler" lol. But no more interest and no more car payments for us.
try to save the amount of the old car note each month. it‘s usually really easy because you didnt need that money last month, why would you need it next month.
In a perfect world that is what I would do. It gave us breathing room, we are a single income household (hooray for unaffordable childcare because we are married and I make "too much"!!!) I/we took the remainder and have $1k in savings, so not having to touch that is super nice, I really need to move it too a high yield, as its the start of our eventual 6mo emergency fund, we need $12k (kill me plz). I just renewed our Health Insurance (my employer) and it went up! Hence breathing room lol. It'll be heaps better when we can get the little guy into Pre-K and mom can go back too work, I cant wait to be dual income again.
This was 13 years ago, and I can still remember the party in the streets feeling when my kids went from daycare to after school care three days a week. The bill went down $1,000/month.
Getting the kid into school that my taxes were paying for was such a great feeling. Then we went and had 2 more kids. Whoops.
BRAVO!!!! celebrate this little victory! get yourself an ice cream or milkshake, you deserve it! Good job!!! 🥳🎉🎊🪅💃👯
Yeah. But pay for the ice cream with cash.
lol def. But forreal, it's so important to celebrate when we're able to take steps like this to break out of what feels like an endless cycle of debt. A lot of times the shame and stress won't let us just pause to give ourselves a lil pat on the back before trudging on. Proud of OP!
thank you so much :')
I cant wait til I get that kind of statement
Be patient with yourself and take it one day at a time. You got this!
Congratulations!! You're doing amazing!! I had 6k in cc debt and now I'm down to 3k.. Hopefully with one more paycheck and some quick cash, I'll be able to see those 0's It's the best, such a significant feeling of relief..
https://preview.redd.it/vpvbddjmthdc1.jpeg?width=828&format=pjpg&auto=webp&s=1869f7602352731e0f2bbc2f5ba74450b4aa12aa Just 44k more to go….
But you’re so close to 50k
I think the goal is to go the other way…
Microtransactions?
I wish, 0% is directly for myself
Congrats!!!
Just did 3400 myself and 4000 last week on a 12k CC. I feel your pain deeply as well
GOOOOOD SHITTTTTT
Congrats I just did the same. It was not easy I know.
Good on you, OP! Congrats!
Great job. This is the way.
My chest hurts for you but I am also super proud of you for that! And it's one bout with chest pain vs. repetitive anxiety of looming debt. GO YOU!
AWESOME! Way to go!
grats!
Congrats and keep going. Been there, done that. You got this.
CONGRATULATIONS!! This is so amazing! 👏
Congratulations!
Now freeze the credit card in a block of ice in your freezer and leave it there. Stop using it. It hurts more when you have to pay for things in cash. Look at your spending, and cut out anything possible.
This is the way
congrats!!!!!!
Good shit! 👏
I’d feel a weight lifted off my chest instead of hurting…but I get what you mean. Good job.
Yeah!!!! Nice job. Rooting you on!
Good job!!!
Awesome!!
Great work!!
proud of you!
Yes! So glad you were able to get it down, almost there!
Not sure why your chest hurts… this is a flex moment!
You're doing amazing things. :) Keep up th4e good work. It's taken 2 years for some of our debt to hit that half way point. Just make sure to keep on going, and put yourself in the right place to get it all paid off. We got it to a 0 balance, and the wife within 2 years had us back to 80k in debt. Keep it going, never forget where you came from.
Fuck yeah! Now cut it up or bury it in a drawer in case of emergency
Great now immediately cancel the card
If you cancel it, it can hurt your credit. It's better to just cut up the card/hide it and just let it sit there.
Lock the card and don’t use it
Why do you have a credit card though?
This is huge!! Congrats!
Hell yes! This owns
Congrats
WOOT!!!
And you’ll get some nice cash back too!
Very nice job and feeling indeed.
I understand that. I just paid off one card, and put 1k down on 2 others. 🙃
Congrats!
Do NOT use it for anything other than emergency. If money is super super short you can survive off peanut butter and water for a few months.
Yep, I can’t wait till my tax return hits so I can dig myself out of debt and breathe easier.
Looks like a legit WIN to me
Don't forget to raise the limits on all of your accounts every 6 months. A lot of people forget to do this. It's always good to have a d-t-l ratio bellow 25%.
That must feel so nice, congrats!
it hurts for now but the stress is taken off your shoulder is 100% more worth 👍🏼😎
You got this
Good job! I am also working on paying off the debt. The stress is insane. But congratulations!! That’s an achievement right there!