Man Pays Off $6500 Credit Card Bills Using 650000 Pennies!

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Getting out of debt – I have $55427 in credit card debt


The road to getting out of debt is not a short one when you owe over $50,000 worth of credit card debt.  Don’t you just wish you were a mega bank and you could just write down your debts when you make bad investments?

I wish I had that power.

I would write down a few thousand dollars worth of bad buys that I’ve made throughout the years.

Some people will think that bankruptcy is one of your biggest options when you owe so much money and you don’t even make that much in a year.  But for me, it’s more of a principle thing.  I spent the money, I made the good and bad decisions with the money I borrowed, so it’s my responsibility to pay off all the money I’ve borrowed and get out of debt.

Can you even compare the feelings of getting out of debt through hard work and being frugal versus getting out of debt using bankruptcy?

In one sense, you’ll feel total elation that you’ve climbed your way out of a huge hole and will have a tremendous sense of pride.  You’ll also have developed the financial habits that will lead to a very prosperous future.  You’ll be able to save money for retirement and for your kid’s college.

In the other sense, you might feel embarrassed that you had to file for bankruptcy.  You’ll struggle finding a job because your potential employer will be able to check your credit and see you have a bankruptcy.  You’ll struggle to buy a car or house because the lender will see you as a very bad risk.  This will go on for at least 7-10 years if not longer.

Don’t get me wrong, I have considered filing bankruptcy to just wipe out my credit card debts.

But for me, that’s not the best answer.  That would be the ultimate last solution.

There are plenty of other options available before bankruptcy is my choice.

There’s debt consolidation, debt negotiation and debt settlement.

Here’s my credit card debt as it stands now:

Discover $2696

USAA $9754


Chase $14966

Bank of America $17154

So basically in a little over a month, I’ve reduced my credit card debt by about $1200.

I had a good month incomewise for the month of July so I’m looking forward to applying a good chunk of that to my Discover card so I can get that card paid off SOON!

I also had to divert almost $600 from credit card payments to help my girlfriend out with a dental surgery.  If not for that, my debt would have gone down by another $600.

I’m sure this happens to a lot of people out there, those unexpected expenses that take away from your debt repayments.

The key is to not let it get you sidetracked for too long.  Do what you have to do then get back to paying off your debts.

That’s all for now.

Thanks for reading.

Have a great day!

Adam – The Credit Blogger

Paying more than the minimum on your credit cards


If you want to get out of credit card debt without using any type of debt relief program such as debt consolidation or debt negotiation you have to pay more than the minimum on your credit cards.

But you know this already right?

If you took the time to calculate your debt payoffs then you’ll understand why it is so important to pay off your debts quickly.  If you want to avoid paying thousands of dollars in interest charges to your credit card company you need to pay much more than the minimum.

I’ve been doing this a lot more lately.

When I get my Discover Card statement in the mail, the only transactions I see are my finance charges and several payments that I’ve made to them.

For the past 3 months, there has been at least 3 payments made for each month.  Two months also have me making 5 payments.  And the amounts I am paying are not huge either.

These are payments I made for the month of May for example:




Those are the small ones, then there was a couple of bigger ones:




The minimum payment for May was only $76.  I paid over $567.  Hopefully, in just a few short months, I will finally get this card paid off once and for all.

Whenever you get any extra money I would suggest sending that to your credit card company before it has a chance to burn a hole in your pocket and get spent on another frivolous purchase.

When you keep hacking at your debts and making credit card payments several times a month, you always have the thought of getting out of debt in mind and it helps to control your spending in a way.

You get in a more frugal frame of mind which is required for paying off huge credit card bills.

If you need more tips on how to be frugal and reduce your spending, check out this post from Zen Habits that offers 50 tips for frugal living

Keep hacking away at your debts and we’ll talk soon.

Have a great day!

Adam – The Credit Blogger