Question: It sounds like you have your priorities in order though. Some people may have used the extra money for vacations, cars, furniture or other things that depreciate. It also sounds like you know how to save – it takes discipline to save for a car for 6 years. I wish I had started saving when I stopped my own car payments 10 years ago – even a paltry monthly amount would have made a difference by now.
I think shopping should be like eating. If someone wanted to lose weight, the best way to get & keep a goal is to exercise and eat healthy, NOT to just stop eating carbs, or chocolate, or whatever else people do when they restrict themselves. If you enjoy shopping, great. Do more window shopping and less of coming home with stuff. Make it a point to look around for a similar item & see if you can find a better price (if you leave the store w/out something that was an eyecatcher, it will most likely be there the next week).
I found that I really cut my impulse catalog buys by marking the page and then putting in a folder called ‘catalogs’. (I still feel stupid doing this – as if such a trivial item warrants space in my filing cabinet!). Every once in a while I check it out and sometimes have said “what? THAT hideous thing!” It’s funny how desires can change like that.
Have patience, try to pay off just a little more than you think you can – even $5 or $10 more is something towards that CC balance. There’s nothing wrong with transferring the balance to a lower-interest cc but do all the math: when does the introductory offer expire? What is the interest rate after that? Are there any fees involved?
Answer: Something isn’t adding. You’re “single” … actually separated. You bought a $217K house you paid off (by yourself?) in 3 years. (You inherited money or your ex or whatever his status is contributing to your finances).
It sounds like you’ve built some sound assets but the $9000 credit card balance indicates behavior that doesn’t correlate with someone who paid off a house and car so quickly.
If the supplemental source of income (heavy “child support” perhaps) is gonna’ cease in two year, you’ve got to change your behavior. Start now to pay down those credit cards as quickly and cheaply as possible. If a change in income is eminent (drop) in two years, you’ve got to be conditioned to live within your means and build upon your asset base.
Because you’re asking these questions, I’ve made the assumption you have no savings to pay these debts down. If I’m wrong, pay them down and focus on replenishing the savings (and invest it).
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