This Redditor owed $16,000 on credit cards. Now he's debt-free with $16,000 in savings.
A man in his late 20s recently revealed on Reddit that he racked up $16,000 in credit-card debt in four years, after one undisclosed medical emergency, getting married and having a baby, and what he calls “slow spending” piled up on the card. He signed up for the card when he was just 23.
At his lowest point, he was virtually cleaned out. “I actually saved my very last dollar and have it taped to my steering column in my truck,” he wrote. “And when I say last dollar I truly mean it. We had negative balance in the bank and overtaxed all our cards.” But he and his wife were able to wipe out their credit-card debt — and save up another $16,000 — in under two years. He shared 11 pieces of financial wisdom that he wished people had told him before he got so deep in debt, such. No. 1: “Pay it off later” is a no-no. Later never comes.His post has drawn over 2,000 comments. “As someone with $24,000 in credit-card debt, this gives me hope,” one said.
Their struggle is shared by the more than half of American households carrying credit card-debt, with one in 10 people carrying a balance higher than $5,000, according to a recent CNBC report. U.S. credit card debt hit a record $870 billion by the end of 2018, according to the Federal Reserve, with almost 480 million credit cards in circulation.The game plan to get out of debt is neither quick nor easy.
“If you don’t have that structure and discipline in place, and without an emergency reserve fund, you are going to get caught up in a situation like this family did,” he added. In fact, one in five Americans in a U.S. News and World Report survey said they didn’t even know if they had credit-card debt.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I'm 24, Make $44,148 A Year & I'm Starting My Own Business8:20 p.m. — I stop to buy a discount fair ticket on my way home. I'm in the Big Brother Big Sister program, and I took off work to take my little sister to the fair tomorrow. Tickets are $16 at the grocery store. $16
Read more »
’Pen15’ Star Anna Konkle Remembers the Great Meals That Contributed to Her Credit Card DebtThe actor, writer, and comedian has a long and storied relationship with Gramercy Tavern’s cheese plate
Read more »
I paid off more than $10,000 of credit card debt in 3 years, and using balance transfer cards saved me another $3,000 in interestI stumbled upon balance transfer credit cards, which gave me an interest-free window to pay off my debt quickly and save money.
Read more »
Woman who gave server generous $5,000 tip allegedly used her boyfriend's credit card for revengeSerina Wolfe, 24, allegedly used her boyfriend's credit card without his knowledge after he would not buy her a plane ticket.
Read more »
Woman charged with theft after leaving $5,000 tip on boyfriend's credit cardA woman was charged with theft after she left a $5,000 tip at a Florida restaurant on her boyfriend's credit card.
Read more »
Woman Leaves $5,000 ‘Revenge’ Tip With Boyfriend’s Credit CardFlorida woman leaves $5,000 tip with her boyfriend’s credit card as 'revenge'
Read more »