This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (2024)

Table of Contents

  • 1. Find the debt repayment strategy that works best for you
  • 2. Keep track of your spending
  • 3. Commit to a goal, but be flexible
  • 4. Don’t deny yourself everything
  • 5. Recognize the ‘why’

Money Credit Cards

Article updated on May 9, 2024

Her unusual budgeting method has helped her stay on track to be debt free by the end of the year.

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This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (1)This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (2)

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This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (3)

Tiffany Connors

Editor

Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.

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This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (4)

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

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CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

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This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (5)This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (6)

Written by

This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (7)

Tiffany Connors

Editor

Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.

See full bio

Edited by

This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (8)

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

See full bio

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Reviews ethics statement

Why You Can Trust CNET Money

Table of Contents

  • 1. Find the debt repayment strategy that works best for you
  • 2. Keep track of your spending
  • 3. Commit to a goal, but be flexible
  • 4. Don’t deny yourself everything
  • 5. Recognize the ‘why’
This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (9)

This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (10)

Written by

Tiffany Connors

Editor

Read more from Tiffany

Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.

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CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

This Woman Slashed $12,000 in Credit Card Debt. Steal Her 5 Tricks (2024)

FAQs

What is the credit card debt puzzle? ›

Full Text Document (pdf) The scenario in which consumers revolve unpaid credit card debt while maintaining some liquid assets, typically as a balance in their bank accounts, is known as the credit card debt puzzle.

What happens to credit card debt when a spouse dies? ›

In general, you're not responsible for repaying the debts of a deceased spouse. But there are some exceptions — for example, you must continue paying any joint debts. And you could be responsible if you're listed as the executor of your deceased loved one's estate.

Does credit card debt go away after 7 years? ›

Although the unpaid debt will go on your credit report and have a negative impact on your score, the good news is that it won't last forever. After seven years, unpaid credit card debt falls off your credit report. The debt doesn't vanish completely, but it'll no longer impact your credit score.

How to destroy credit card debt? ›

How to pay off credit card debt
  1. Pay more than the minimum.
  2. The debt snowball method.
  3. The debt avalanche method.
  4. Negotiate with your credit card company.
  5. Consider debt consolidation.
  6. Adjust your spending habits.
  7. Look into credit counseling services.
Jul 3, 2024

What is the credit card pay trick? ›

Most people usually make one payment each month, when their statement is due. With the 15/3 credit card rule, you instead make two payments. The first payment comes 15 days before the statement's due date, and you make the second payment three days before your credit card due date.

Do we receive credit card debt forgiveness? ›

Credit card companies rarely forgive your entire debt. But you might be able to settle the debt for less and get a portion forgiven. Most credit card companies won't provide forgiveness for all of your credit card debt. But they will occasionally accept a smaller amount to settle the balance due and forgive the rest.

Do I have to pay my deceased mother's credit card debt? ›

For survivors of deceased loved ones, including spouses, you're not responsible for their debts unless you shared legal responsibility for repaying as a co-signer, a joint account holder, or if you fall within another exception.

What debts are not forgiven at death? ›

Additional examples of unsecured debt include medical debt and most types of credit card debt. If you die with unsecured debt, repayment becomes the responsibility of your estate. Your legal estate refers to all the assets, property and money left behind by you or another deceased person when they die.

What not to do when your spouse dies? ›

Top 10 Things Not to Do When Someone Dies
  1. 1 – DO NOT tell their bank. ...
  2. 2 – DO NOT wait to call Social Security. ...
  3. 3 – DO NOT wait to call their Pension. ...
  4. 4 – DO NOT tell the utility companies. ...
  5. 5 – DO NOT give away or promise any items to loved ones. ...
  6. 6 – DO NOT sell any of their personal assets. ...
  7. 7 – DO NOT drive their vehicles.
Apr 13, 2019

Is it true that after 7 years your credit is clear? ›

In general, most debt will fall off of your credit report after seven years, but some types of debt can stay for up to 10 years or even indefinitely. Certain types of debt or derogatory marks, such as tax liens and paid medical debt collections, will not typically show up on your credit report.

How long before credit card debt is uncollectible? ›

4 years

Can a debt collector restart the clock on my old debt? ›

Debt collectors can restart the clock on old debt if you: Admit the debt is yours. Make a partial payment. Agree to make a payment or accept a settlement.

How to pay off credit card debt when you have no money? ›

These options could help you tackle what you owe without an additional loan:
  1. Transfer your balance to a new card with a promotional rate.
  2. Try to negotiate with your creditors.
  3. Enroll in a debt management plan.
  4. Take advantage of credit card hardship programs.
  5. Use a debt settlement program.
Jul 3, 2024

How can the elderly stop paying credit cards debts? ›

Option Two: File a Chapter 7 bankruptcy. The “upside” of proceeding in this fashion is that your Chapter 7 Trustee will not be able to reach your assets either, and the stress associated with harassing phone calls and other collection activities will stop immediately upon the filing of your bankruptcy petition.

How to stop paying credit cards legally? ›

The most straightforward way to have your credit card debt legally forgiven is to file for bankruptcy.

What is the credit card debt syndrome? ›

Debt stress syndrome is the name that doctors have given to a condition where concerns over debt lead to mental, emotional and even physical health problems.

What is the credit card game to see who pays? ›

Credit card roulette is a game of chance where every party involved contributes their own credit or debit card into a hat or billfold. The waitress or waiter will choose at random the card which will pay the entire bill.

What was the credit card Act trying to solve? ›

The Credit CARD Act of 2009 was intended to prevent practices in the credit card industry that lawmakers viewed as deceptive and abusive. Among other changes, the Act restricted issuers' account closure policies, eliminated certain fees, and made it more difficult for issuers to change terms on credit card plans.

Is credit card settlement real? ›

A credit card settlement may be available if you're having difficulties making your payments. In a settlement program, an offer is made to repay a part of the total amount due.

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