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How I Overcame My Obstacles and Paid Off My Credit Card Debt

Written by Steve Repak on March 26, 2014 in Credit  |   9 comments

If you’re living under a mountain of debt, it can feel impossible to dig yourself out. Blogger Steve Repak explains how, with some planning and willpower, he paid off thousands of dollars in credit card debt—and how you can, too.

pay off debtI knew a person who came from extremely humble beginnings. Growing up, he didn’t have that much. Kids made fun of the clothes he wore, and when he got into high school he worked evenings and weekends just to have a little spending money. Neither of his parents had a college degree, so education wasn’t much of a priority. He graduated from high school and decided to join the Army.

This was the first time he saw real money. He took home about $700 every two weeks. His clothes, housing, and food were paid for by the military, but he had trouble saving money and would always find himself with nothing in the bank. After about a year in the Army, he got his first credit card. Before his signature on the back of the credit card was dry, he’d maxed it out.

Even though he lived paycheck to paycheck with a maxed out credit card and no money in savings, he was promoted to private first class. A higher rank meant a higher salary, which gave him the opportunity to get another credit card—and he soon maxed that out.

You might be thinking that he would eventually catch on, but the cycle continued to repeat. He would get promoted, make more money, get more credit, and max out his credit cards. As long as he could make the minimum payments, he thought had a handle on his debt. He would always tell himself that the next time he got promoted, he would have more money to pay off credit card debt.

I’m sorry to say that after 12 years in the Army, he left with $32,000 in credit card debt. I’m even sorrier to tell you that this person was me.

I know what it feels like to live paycheck to paycheck and have nothing in savings, a poor credit score, and a mountain of debt. I want to let you know that there is hope if you can follow these four steps:

1. Admit there is a problem. I thought that because my friends had debt, it was OK for me to have debt, too. I had to admit that I had a spending problem—I spent more than I earned. Nobody likes to admit that he or she has a problem, but you have to take responsibility in order for things to get better.

2. Start spending less. What helped me curb my spending was keeping a spending journal. In it, I wrote down exactly where, what, and how much I was spending each day. After doing that for a few weeks, I started keeping more money in my pocket.

3. Build your savings. It might not make a lot of sense, but the only way I was able to get out of debt was to build up my savings. When I first started saving, I would have to use my credit card when an emergency came up. After I built my savings and those emergencies reared their ugly head, I was able to take care of them without resorting to credit cards.

4. Make a plan and be flexible. That’s not a mistake. Don’t make a plan and then stick to it no matter what. There were times I felt I would never be able to pay off all of my debt because things would happen and throw me off track. I had to be flexible and adjust my plan.

What worked for me was making minimum payments on my debts with the lowest interest rates, and paying more towards the cards with the higher interest rates. You could also start by paying off the card with the lowest balance and working up from there. The only wrong way to approach paying off your debt is to not have a plan at all.

Steve Repak is a CERTIFIED FINANCIAL PLANNER™ professional, CFP® Board Ambassador, and financial literacy speaker. He is also an Army veteran and the author of Dollars & Uncommon Sense: Basic Training For Your Money. Follow him on Twitter: @SteveRepak

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.


  1. SGM (Ret) Thomas says:

    Do you think that the proposed budget cuts will affect the services that military members receive? I believe financial readniness is extremely important for our military service members.

  2. Randall S. says:

    Sometimes I find it hard to spend less because I am living on an income that fluctuates. Do you have any tips?

    • EFX Moderator_KB says:

      Randall S., that’s a great question. As you know, it can be difficult to create a spending plan with an income that changes each month. Click here for some tips about how to create a spending plan that works for you. I hope this helps and thanks for posting.

    • pepper says:

      I believe that irrespective of how much your income is fluctuating you ought to be able to save money. Randall please make the decision to save $5.oo to $10.00 from every check. If you are able to do a little more than what I have suggested then please do that.Randall just be committed to this practice. This may seem like a small amount in the beginning but it will have big rewards.

  3. Kevin Mewborn says:

    I have a similar story without the military background. Being in debt is no fun. Get out of debt at all cost and spend within your means are my two mantras.

    I want to thank you for the interesting article, but the main reason for commenting is to…

    Thank you VERY much for your service!

  4. G. Miles says:

    Thanks for posting that, I myself had a very similar experience but I was Navy. It’s nice to hear someone talk about it

  5. Ann Lamb says:

    I used an organization called Consumer Credit Counseling which helped me by negotiating lower monthly payments and lower interest on my debts. They also helped my realize my economic identity… I always thought of myself as middle class because of my upbringing when actually, based on my income I was working poor. It helped me a great deal to take an honest look at myself and today while I am now in a middle class economically I live within my means.

  6. Ray says:

    I found this article as interesting, and motivating as it was helpful. Thanks very much.

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