Pay Off Credit Card Debts

I started my credit card debt elimination journey in April 2007 when my credit card debts had reached a staggering $20,321. Like most debtors, I wished my debts go away in a few months’ time. I kept looking for ways and methods to pay off my credit card debts in a few months’ time. Unfortunately, with $20,321 credit card debts, there was no way I could pay off the debts in a few months’ time, unless I struck the lottery.

Besides, it took years to accumulate the credit card debts. How could it be possible to eliminate the debts in a few months’ time?

Using a free calculator online, I tried to find out how long it’s going to take for me to pay off my credit card debts. I was shocked to find that in order to pay off $20,321 debts with an interest of 18% and monthly payment of $350, it’s going to take me 137 months or more than 11 years! It’s going to take 97 months or more than 6 years if I pay $400 monthly payment.

After one year of debt reduction, my credit card debts have dropped to $13,942. The other day, I used the same calculator again. To pay off $13,942 with an 18% interest and $350 monthly payment, 61 months or 5 years! Wow! What if I make $400 monthly payment? 50 months or more than 4 years.

What a relief that I have shortened the journey of credit card debt elimination! With renewed confidence, I made up my mind to achieve debt free living in 3 to 5 years’ time.

During the course of one year in paying off credit card debts, I have learned that discipline, determination and persistence are important. Without them, I wouldn’t have been able to pay down the debts from $20,321 to $13,942.

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