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Winners of the 2010 'biggest loser' (of debt) award.
Until four years ago, Carole and Don Carroll considered it normal to live in a constant state of stress. Every day, the New York City couple engaged in a complicated dance with more than a dozen credit cards and a car loan. When they met in 1990, each partner already carried a credit card balance, and by the time they got serious about paying it down in 2006, they owed $88,000. They lived frugally, skimping to stay on top of the minimum payments they often made with credit card cash advances.
Today, just three and a half years after signing up with a credit counseling service, the couple is debt-free. Their mighty pay-down efforts were rewarded Oct. 5 with the Professional Achievement and Counseling Excellence (PACE) 2010 Graduate Client of the Year Award. The National Foundation for Credit Counseling gives out this award to those who commit to repaying their debt and manage their money.
Debt Due to Daily Charging Over Decades
The Carroll's near-six-figure credit card and car loan debt was the slow and steady accumulation of nearly 30 years of everyday living. Carole, an Ohio native who works in finance, moved to New York City in 1984 as a young woman and the debt slowly crept up. "I never knew how much debt I had. I didn't want to know -- it was a nauseating topic," says Carole. Expenses for modest items went on plastic, as did sporadic events like moving apartments. "I'm not a shopaholic," Carole says. "We bought crappy cars, and we didn't spend on expensive shoes or fur coats or go to Broadway shows. We didn't make bad decisions, but it was too much. We needed assistance."
http://finance.yahoo.com/banking-budgeting/article/110954/biggest-loser-of-debt?mod=bb-budgeting
good for them...in about a year and a half we will be credit card debt free. when i was in undergrad i was the moron who took all the credit card offers that were offered by visa et al on campus and i was the moron who got a credit card at just about every major dept store just to save that stupid 15%....i didn't realize until post grad school what a fucking moron i was and how much i damaged my credit...i still spent on my credit cards though while in school...and my wife had some necessary expenses due to family
well, about 3 years ago she negotiated with all our credit cards to reduce our interest rate to about 3% with us closing the card and paying it off in 5 years. well, actually, i think there is one who didn't go for it, discover i think, but i paid that shit off when i settled a case, 29% interest....
i seriously can't wait to be credit card debt free, i wish i could buy out the house and pay off my student loans, but....that ain't happening for some time
Until four years ago, Carole and Don Carroll considered it normal to live in a constant state of stress. Every day, the New York City couple engaged in a complicated dance with more than a dozen credit cards and a car loan. When they met in 1990, each partner already carried a credit card balance, and by the time they got serious about paying it down in 2006, they owed $88,000. They lived frugally, skimping to stay on top of the minimum payments they often made with credit card cash advances.
Today, just three and a half years after signing up with a credit counseling service, the couple is debt-free. Their mighty pay-down efforts were rewarded Oct. 5 with the Professional Achievement and Counseling Excellence (PACE) 2010 Graduate Client of the Year Award. The National Foundation for Credit Counseling gives out this award to those who commit to repaying their debt and manage their money.
Debt Due to Daily Charging Over Decades
The Carroll's near-six-figure credit card and car loan debt was the slow and steady accumulation of nearly 30 years of everyday living. Carole, an Ohio native who works in finance, moved to New York City in 1984 as a young woman and the debt slowly crept up. "I never knew how much debt I had. I didn't want to know -- it was a nauseating topic," says Carole. Expenses for modest items went on plastic, as did sporadic events like moving apartments. "I'm not a shopaholic," Carole says. "We bought crappy cars, and we didn't spend on expensive shoes or fur coats or go to Broadway shows. We didn't make bad decisions, but it was too much. We needed assistance."
http://finance.yahoo.com/banking-budgeting/article/110954/biggest-loser-of-debt?mod=bb-budgeting
good for them...in about a year and a half we will be credit card debt free. when i was in undergrad i was the moron who took all the credit card offers that were offered by visa et al on campus and i was the moron who got a credit card at just about every major dept store just to save that stupid 15%....i didn't realize until post grad school what a fucking moron i was and how much i damaged my credit...i still spent on my credit cards though while in school...and my wife had some necessary expenses due to family
well, about 3 years ago she negotiated with all our credit cards to reduce our interest rate to about 3% with us closing the card and paying it off in 5 years. well, actually, i think there is one who didn't go for it, discover i think, but i paid that shit off when i settled a case, 29% interest....
i seriously can't wait to be credit card debt free, i wish i could buy out the house and pay off my student loans, but....that ain't happening for some time
