Debt Reduction

Pay Down Credit Card Debt

I started No Credit Needed as a place to track our progress while getting out of debt.  Here’s what we did to pay off our credit card debt, step-by-step: We created a zero-based budget. We established a savings account for our $1000 emergency fund.  While getting out of debt, we had two mini-emergencies and were very thankful for our emergency fund. We listed our debts, smallest balance to highest balance. We chose this classic snowball-method, because it suited us.  We liked the victories associated with paying off those smaller balances, quickly. We made minimum payments to all of our accounts, on time. We made an extra, principal-only payment to the first account on our list. Throughout the month, as we…

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Debt Reduction, Mortgage

Paying Off Our Mortgage – Update For February 2017 With Chart

My wife and I are working to pay off our fixed-rate, conventional, fifteen-year mortgage. Our goal is to eliminate our mortgage debt in less than 10 years.  We have been paying off our mortgage for 7 years now – and it’s cool to see more and more of our monthly payment go towards our principal.  I use a simple pie-chart to track our progress – and post our updates here at No Credit Needed. Having a visualization keeps us motivated!  Here’s a chart with details for our current progress –   The percentages above represent the amount of our mortgage we have paid – 42% – and the amount we still owe – 58%. Our process is pretty simple –…

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Debt Reduction

Get Out Of Debt – Quick Tips

I love hearing stories about how folks are getting out of debt – and living debt free! Several years ago, my wife and I paid off all of our consumer debt – and we are now in the process of paying off our mortgage. I created an illustrated guide for debt reduction – t0 show the process that we used to eliminate our debt. Here are few quick tips which have helped us reduce – and eliminate – our debt. 1.  We make plans – and stick to them.  Here’s our simple, one-page plan for eliminating our debt.  Day after day, month after month, and even year after year, we keep plugging along. 2. We make all minimum payments –…

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