Sunday, September 27, 2009

The $0 Balance Countdown

This is it: the big week when I'll be making the final $500 payment on the credit card balance I've been carrying since college.

I can't wait to feel the exhilaration of hitting the "make payment" button, logging in the next day to see the balance reflected as $0, and knowing the liberation of having hundreds of suddenly available cash flow in my budget every month after that. In fact,it's such a great thought and a great feeling, I want you to have it, too. So I'm issuing a challenge: how many of you believe you can eliminate all of your credit card debt in the next 12 months, using nothing but sheer financial discipline and sound budgeting?

If you think so, hit me up with your story (keithtr(at)gmail(dot)com or on twitter). I'll pick a few people to follow and chronicle here monthly as they work toward their goals.

In the meantime, I'm devoting all this week to posts about credit cards and debt elimination, be sure to check back.

photo courtesy


Product Junkie Diva said...

COngrats Keith. I don't carry a credit card balance but I know that you must feel great right now!!!
Keep up the great blog work.

mr. nichols said...

I know that has to be a good feeling. I'm trying to get on your level. I know it's going to take a little longer than 12 months though, but I look forward to reading up on some tried-and-true strategies.

Keith T. Reed said...

@mr. nichols: you start from where you are. trust me, 12 months ago even i thought i wouldn't get to this point. So you joining me on the challenge?

Mia6998 said...

I'm so happy for you Keith!

But I'm with Mr. Nichols...I can get rid of the debt on one high balance credit card in 12 months but all credit card debt in 1 year ain't happening.

Keith T. Reed said...

@mia: thank you! As far as not being able to get rid of all CC debt in one year, that's OK! If you can commit to getting rid of one balance in 12 months, join The Challenge and use that card as motivation to get rid of all your debt!

Mia6998 said...

So question about the challenge...say I have a credit card with a balance of $9K and I pay off half and balance transfer the other that considered cheating?