BellaOnline Forums Family Work & Family Get out of debt

There was a feature just a few nights ago on the evening news about how the average family uses its credit cards right up to their limit. I find this quite mind-blowing. I always pay off my credit card totally each month - the thought of debt of any kind (other than the mortgage on our home) absolutely terrifying.

Isabel, I lived with debt, even after I promised myself I would not let it happen. It took a couple of years for me to become debt free. Getting out of debt was not easy but it can be done, for me the hardest thing was not getting out of debt, it was staying out of debt. Fortunally mine was not so much it took away from me, I did learn something from my younger days :)but--not enough. It was hard to find myself in debt again. You are right to be terrified.

Isabel, I, also, pay off my credit card bill every month. It is so heartbreaking to see individuals and families so saddled by debt. When I first started using credit cards, I soon realized that I would forget that I hadn't already paid for an item. Since I had it for a month of use, it would be a shock when the credit card came. That is when I vowed to pay off my card every month.

It is a great accomplishment to stay out of debt. And so very hard to do in the consumer laden soceities we live in.

Vannie, you are to be commended for digging out of debt. It takes a lot of discipline and courage to do it. I agree that debt is something to be terrified of. Each step out is a little more freedom.

Sandra, it has been 10 years or more since the day I made my final debt payment. I made some mistakes along the way, but the one thing I did right, was not to sell stock or touch my mutual fund to pay off bills. The thought of being retired from my 9 to 5 and broke was scary and enough to keep me on the right track.

That is great, Vannie. Not wanting to be retired and broke is also what motivates me to invest. I think having an emergency fund is also a great idea for families. This helps provide money in an emergency so families can avoid going into debt/into debt further.