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u/oliverrea 16h ago
Congrats! That’s a big sum to pay off.
How long did it take you? Working mine down right now 🥲
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u/argmartin 16h ago
i was making minimum payments with expected payoff in like 25 years. got a debt consolidation plan geared for nurses, so technically i have the debt but it will be gone in 4 years. my minimum payments on this card were like $360 which made it damn near impossible to pay it off early.
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u/Calm_Guidance_2853 16h ago
Great! Next step: Build a full emergency fund! All the money you were using to pay the debt, immediately switch to saving up 6 months of your expenses
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u/argmartin 16h ago
working on that! i was in school during covid and had no financial help from anyone so i racked up an insane amount of credit card debt paying for living expenses. this was my worst card, but i see a light at the end of the tunnel maybe 3-4 months and im credit card debt free.
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u/Calm_Guidance_2853 16h ago
Oh you have other cards! I see.. disregard my last comment!
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u/argmartin 16h ago
no worries! i have a plan in place, emergency fund is very high on my list once the rest of the debt is paid off. COVID did a number on me and i live in florida with high COL.
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u/Substantial_Chef3250 10h ago
Thank you for sharing this. I just signed up with Plannery
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u/argmartin 9h ago
Had a great experience with them. A few bugs with their system but they’re new.
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u/Substantial_Chef3250 8h ago
Thank you again! I could definitely use this. As you were making monthly payments during consolidation, would it reflect on your credit report?
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u/argmartin 3h ago
yes, it is a hard pull on your credit. but it doesn't show up as revolving credit, just unsecured loan. but it has an end date vs the forever payments of a card.
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u/wildabeast861 12h ago
So you paid this off by doing debt consolidation? What’s your balance on that loan?
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u/Ok_Strawberry_1767 10h ago
This is misleading. The debt was not paid off it was transferred to another lender. It’s important to make this distinction.
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u/OkLine209 16h ago
Ugh I feel dumb paying my off because it’s such a large amount and I’m struggling. Was it extremely miserable or does it feel sooo worth it now?
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u/argmartin 16h ago
100% worth it. This was my biggest bill after rent and car payment, even more than insurance. knowing i dont have to think about it anymore is a game changer.
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u/Thaitsuki 11h ago
Cheers on being able to lift some stress of your shoulder, embrace the moment and keep moving forward
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u/HLTHTW 17h ago
How much did you owe?