How do you keep your momentum in trying to pay off credit cards?

I recently returned to work after having been a stay at home Mom of my youngest (twins) who are now 4. I vowed to use my pay solely for paying for child care and all these credit cards we've amassed. I guess I should actually even be thankful to have found a job. I want to pay off these cards, but need suggestions on how to keep it foremost in my head and heart. I am almost tempted to post these billings where I have to look at them daily. I just paid off one this morning (a lower balance one) and bought some kitchen chairs we literally had to have, but no table, as our chairs were falling apart, with cash. Paying with cash is new to us, as we just loved the plastic too much. I also am vowing from this day forward to take my lunch, no McD's dollar menu for lunch anymore. How do I keep momentum in having the pep and excitement to pay these off? Any suggestion welcome : )


AND YIKES!, I just found out my Wamu card, bought by Chase went from 9% to 29% !!!

2 Answers

  • Reena
    Lv 7
    1 decade ago
    Favorite Answer

    You are doing fine... nobody said you had to turn into a financial hermit and only use your paycheck to pay bills.

    Get yourself a calendar and write on it every month when what bill needs to be mailed out. Also note the paydays you get to keep things in perspective.

    Every time you reach a certain mile stone in your bill paying quest set aside some cash to reward yourself and then have some fun.

    It gets way too depressing when you can't spend any money on yourself. But don't go out impulse buying. Instead spend some time to do some research. If you need a certain item spend a week looking for the best deal online and thru the weekly ads that come in the mail.

    This way you are planning this purchase and it will make you feel good when you know that you got a good deal on it because you compared all stores beforehand.

    Once a month plan on doing something just for you.

    Get a hair cut or manicure or take some cash and buy something just for you not just for the house and kids.

  • Anonymous
    1 decade ago

    David Bach,author of The Automatic Millionaire, suggests the following calculations to set your credit card payoff priorities::

    1. Make a list of the current outstanding balances on each of your credit card accounts.

    2. Divide each balance by the minimum payment that particular card company wants you to make. The result is that account's DOLP number.

    For example, say your outstanding Visa balance is $500 and the minimum payment due is $50. Dividing the total debt ($500) by the minimum payment ($50) gives you a DOLP number of 10.

    3. Once you've figured out the DOLP number for each account, rank them in reverse order, putting the account with the lowest number first, the one with the second-lowest number second, and so on.

    You now know the most efficient order in which you should pay off your various credit card balances.

    4. Pay as much as you can each month toward the card with the lowest DOLP number. For each of your other cards, make only the minimum payment.

    5. Once a card is paid off, cut it up -- but don't close the account! Leave the account open so you have credit you aren't using, which will help improve your credit score.

    For help on how to come up with extra money to use for paying down your debt, try his "Latte Factor" calculator at

Still have questions? Get your answers by asking now.