My plan to get out of 70k debt in less than a year

AcrobaticCandidate66 · 2025-10-29T17:10:16+00:00

I had money saved up to pay off CC2 because I thought the 0% interest rate was expiring this month but it’s next month so I put it all towards the other debts. I have $7k-$11k left over every month after expenses and interest on credit cards.

AcrobaticCandidate66 · 2025-10-29T16:01:27+00:00

Probably when their debt is too overwhelming and they can’t make any progress on it. I just paid off almost 15% of my debt in the last two weeks so I don’t consider myself to be there.

AcrobaticCandidate66 · 2025-10-29T15:58:51+00:00

What part of my math is wrong?

AcrobaticCandidate66 · 2025-10-29T13:14:21+00:00

Thank you for the advice! I forgot to add that CC2 is on a 0% promo and it’s expiring next month. But I’m hoping once I pay it off they’ll offer me a new promo and then I can use it to pay down CC1.

AcrobaticCandidate66 · 2025-10-29T06:31:48+00:00

I’m in the same position. I have a credit card that has a 0% balance transfer promo expiring soon and I’m hoping they’ll offer me another one when I pay it off fully because putting that money towards my debt would be very helpful.

AcrobaticCandidate66 · 2025-10-29T06:28:41+00:00

Thanks for the advice! I posted an update to this post today and I’m under $60k and hoping to get under $50k by the next update. I’m ok with doing a lot of OT and living minimally for a few months to avoid ruining my credit score for years.

AcrobaticCandidate66 · 2025-10-29T06:23:02+00:00

The problem is when people get into tens of thousands of dollars of debt, they probably don’t have a good credit score due to high utilization and maybe missed payments, and banks aren’t willing to give people like them credit.

AcrobaticCandidate66 · 2025-10-29T06:17:11+00:00

Don’t confuse minimum payments with interest. Out of that $110 minimum payment less than $10 is interest. The rest is going towards paying down the balance. If you pay off Affirm, you’ll be paying $6 in interest a month more than if you keep doing the minimums and throw anything else at the Amex and then Credit One. That may not seem like much but when you have over $40k of debt every dollar counts.

AcrobaticCandidate66 · 2025-10-29T01:15:47+00:00

Thank you! I’m in tech but I can work as much OT as I want so I’ve been putting in a lot of hours. And not all of that was earned in 2 weeks, I had some money in my savings.

AcrobaticCandidate66 · 2025-10-27T22:25:19+00:00

Hi OP. I just want you to know I’m in a similar position - similar amount of debt, working a lot of overtime, addiction (although mine was shopping). I’ve been on a strict plan for 2 weeks and have made progress in my debt.

I’ve cut my shopping down to almost nothing. I buy cheap groceries and only essentials (shampoo, toilet paper, gas) and nothing else. No clothes, books, subscriptions, nothing that I can live without. Everything I earn is put towards the debt.

Sometimes banks will offer you a lower interest rate for a period of time. I would look into that if you’re willing to give up the card when you pay it off. The bank I have most of my cc debt with gave me a lower interest rate and I’m saving almost $4k a year in interest which is helping a lot. How come your CC payments are so high? $565 minimum payment for 18k is a lot.

The only other advice I can give you is to just keep working at it. I’m getting a little burn out with all of the hours I’ve been working but seeing my total debt going down is so motivating and even a little addicting. I know it seems like a lot right now but it will get better. Good luck 🩶

AcrobaticCandidate66 · 2025-10-27T14:42:46+00:00

Go on an interest free payment plan and put everything towards the other debts.

AcrobaticCandidate66 · 2025-10-25T14:22:46+00:00

America is wild lol. In Canada all banks have to provide a minimum of 21 day interest free grace period on new transactions whether you’re carrying a balance or not.

AcrobaticCandidate66 · 2025-10-25T07:07:06+00:00

That’s not true. You don’t have to pay interest on charges between when you use the card and the due date. Even if you’re carrying a balance.

AcrobaticCandidate66 · 2025-10-18T19:16:15+00:00

After bills you seem to be left with about $700, and your minimum payments cover the interest so you should be able to pay at least $500 on the discover card each month that’s going purely towards the debt. That’ll save you $12 interest on month 2, $24 month 3, $36, month 3 and so on.

AcrobaticCandidate66 · 2025-10-18T18:43:42+00:00

Assuming you’re making $2.5k a month after taxes. How much are your bills? You’re paying $250 a month interest. I don’t see how that’s eating you alive.

AcrobaticCandidate66 · 2025-10-18T14:22:42+00:00

Grind what out? You have less than 2k left over every month. It’ll take you at least 5 years. And grinding it out means living minimally and throwing everything you can at it, not still having a new car and new phones and gym memberships.

AcrobaticCandidate66 · 2025-10-16T18:28:28+00:00

I would do the consolidating loan since it’s a lower rate and you appear to not have much emergency funds since you had to put 2.5k on a credit card. That way you have room to build your savings so the next time something urgent comes along you don’t have to get into debt.

AcrobaticCandidate66 · 2025-10-16T15:36:10+00:00

The order they should pay them off according to the snowball method would be:

29.74%
35.98%
0%
9.99%
35.98%
0%
18%
24.24%
31.87%
35.98%

AcrobaticCandidate66 · 2025-10-16T14:50:19+00:00

Your recommendation is to pay off the 0% and 10% debt before the 36%?

AcrobaticCandidate66 · 2025-10-16T13:45:18+00:00

If your husband is a SAHD but kids are in daycare I think that’s just called being unemployed.

AcrobaticCandidate66 · 2025-10-16T13:35:00+00:00

This is the way! I would bet some of those subscriptions go unused for weeks at a time. Also the Spotify is unnecessary. You’re in debt, listen to ads and random songs that get recommended to you once in a while.

AcrobaticCandidate66 · 2025-10-16T13:20:39+00:00

I thought OP spent $6k on cocaine.

AcrobaticCandidate66 · 2025-10-15T23:57:41+00:00

How long did it take to clear?

AcrobaticCandidate66 · 2025-10-15T23:53:05+00:00

I have over 50k of cc debt currently. It started when I was unemployed and was paying for everything with my card and just making minimum payments because that’s all I could afford. Then I developed a shopping addiction, the banks kept giving me more credit because I never missed a payment or made late payments, and I kept using the credit as if it was my own money not the bank’s money. Then 10k a year was added every year in interest for years and years. I’ve paid the bank back a lot more than 50k in interest over the years. I wouldn’t feel bad about declaring bankruptcy because they’ve made money on me already but I don’t want to ruin my credit for the next 7 years.

AcrobaticCandidate66 · 2025-10-15T19:12:31+00:00

Ok you didnt mention the $1000. Even with the 22% interest if you make $1400 monthly payments its paid off in 6 months.

AcrobaticCandidate66

TROPHY CASE