Let's talk about debt baby?

I dont know where to begin playing of my debts. i am 28, No kids, just evicted woman from sweden. How deep is your hole? How are you coping?

My debt was around $ 30,000.00 US dollars . It took me almost 2 years to pay it off after I quit gambling completely . I took a second job and used that extra income for living expenses while giving the bulk of my full-time paycheck to my debt .

I started with the smallest debt first ( $ 6000 bank loan ) , paying the minimum on my 2 credit card balances until I had the bank loan paid . Next was the card with the smallest debt ( $ 6000 ) . Once that was gone , I tackled the big one - $ 18,000 credit card . That took about a year to pay off completely .

I usually left myself $ 100 - $ 200 a month cash for little extras after I bought groceries and paid rent and bills . As the debt started to go down , I became less obsessed with paying it off as fast as I could and began to put some money into an emergency fund of 6 months expenses . I started a savings account at around 6-8 months into my repayment plan . It meant that it took me a little longer to become debt-free , but knowing I was covered for an emergency ( car repair , medical costs , etc . ) gave me great peace of mind .

I didn't live like a pauper - I went out one or two times a month with friends for dinner or drinks , bought myself new clothes when necessary and spent money on good quality , healthy food but I didn't spend on stuff I didn't really need and I bought things on sale or at second hand shops to save money . I still do that today .

The debt that seemed so overwhelming to me in the beginning was paid off in a surprisingly short period of time and my savings have grown equally fast . I still have a long way to go , but there is no financial stress anymore . Gambling - the cause of this mess - has been removed from my life , never to return . The future looks good and I have no fear of any emergency as far as money is concerned .

None of this would have been possible if I was still gambling and all of it will be wiped out in a span of months , if not weeks , if I ever allow myself to gamble again .

For the record , I am a single woman too , 30 years older than you . This is your chance to avoid ending up where I am - close to retirement and no where near prepared for it .

You can do it .

Gambling or not, that's good advice to cut down on debt....

NSR: That is such an inspirational story. Thanks for that. Many people are overwhelmed by the amount of debt they have from gambling, and seeing your example is very helpful, IMHO. As I have often said, the amount shouldn't be viewed as too much to overcome; it's the determination and discipline over time that is the key to getting back to financial wellness, as well as mental and physical wellness. The biggest and foremost factor is to have the iron-willed determination and steel resolve to absolutely STOP GAMBLING completely.

Let's talk about you and me,
Let's talk about all the good things and the bad things that may be.

Let's talk about fresh starts baby.

58gambling wrote: The biggest and foremost factor is to have the iron-willed determination and steel resolve to absolutely STOP GAMBLING completely.

Yes, we have to stop. I think though that once one realizes just how dumb gambling is, then it requires less will power and more just rational clear-mindedness. I like your comment about physical and mental well-being. If those are the #1 goals, gambling has no place. It is crazi-fying.

When I read the posts, I am very hopeful that I can get myself out of my gambling debt. Great tips provided but my favorite thing I read today is when someone mentioned on this post something about realizing how stupid gambling is. It really is so stupid. All the time I have spent in front of a slot machine, when I could have been working to pay off my debt, or spending time with my family. Its just stupid and crazy. Thank you for all the awesome debt relief tips.