Your 30s: Don't get derailed by debt

I'm 29.. will turn 30 in the end of this year. My student loans are NOT completely paid off yet because I didnt graduate college until I was 23 (&10 months) AND I was trying to pay off my credit card debt. I completed college in 6 years because I also worked full-time. Once I paid off my credit card debt I began tackling my student loans. My goal is to be done with all debt by the time I turn 30 (God Willing!!).

First learn how to add, second learn how to subtract, third learn to find the % key on a calculator, forth learn how to google up financial calculators..... Now you pretty much got personnel finance by the butt.. And no college loan to pay off.... I didn't have a 401k until I was 45 it is never too soon or to late to save and invest.... But what do I know, I'm a retired high school dropout that was supposed to be a complete failure... Folks this stuff ain't rocket science.... Even if you do your checkbook in hexadecimal....

we have more options for debt elimination and wealth accumalation than ever before i am so glad to be living in this exciting age recession or not!

Tbuckley

Pennyandpoundwise: Agreed.  Many people go to grad school because they don't want to end up out-of-a-job as a Bachelor's deg becomes common, if not minimal.  thank you for acknowledging them too. they are the ones that fight harder and longer than the norm.

moneynewsguy: i question whether you know how credit scores work.  yes you can look for lower card rates, and transfer balances.  but scores are also based on how long you've had the relationships with each creditor.  so your plan will create perpetually lower credit scores one way or the other: if you close accounts to open other new ones, you lose.  if you keep opening up new ones after new ones, you will have too many accounts, and too many NEW accounts at that, ans also lose.  the keys are:
1)to not keep adding to your credit card debt
2) have five differnt and flexible companies that you can work with.  i like Discover, BOA, USBank, Exxon/Mobil (1% cashback on everything, with no tiers), and reluctantly have a Chase card (leeches)
2)call your existing credit card companies EVERY month and ask for lower rates on everything, higher credit limits (don't let them check your external credit report each time though [ding, -5 points], just internal), and what balance transfers they have.
3)do balance transfers between cards but lock them in for as long as possible (mine are all at lower interest rates FOREVER, not 3-9 months!) realize that the transfer fees are going up and have no caps now. that adds to your total interest rate.  for example, if you get a 5% APR on a transfer forever, but paid 3% to do it, then you are actually paying 8% the first year and 5% each year after that.
4)have a side-CORPORATION (separate entity, unlike a schedule C business) that you have separate accounts and cards for that you use for most of your transactions.  this is all on a SEPARATE business-based credit report with no impact on your personal report unless you default on them (which you won't do right...).  debt can be transferred to the corporate accounts too, assuming that the debts were business related of course.  depends what your business is.  banks are (were) good at helpiung you start this, assuming you did set up a corporation already.  be aware that you will have to have an accountant do corporate taxes for you too ($400/yr extra plus other state licenses/fees)
5) ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS pay your bills on time and ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS  pay more than the minimum payment (even if it's only $10 more).  you will be given better rates when you call and ask.  if you miss ONE payment on ONE account...you will lose the whole house of cards of balance transfers and such on ALL accounts.  Game over, and HIGH HIGH HIGH interest rates.  go open a credit union acccount and work with them at that point.  you should have credit union accounts anyway.  screw the banksters.

FrEddddd: you oversimplify things.  but, good that you succeeded past what the idiots of the world say.  who cares what others say anyway.  they're usually wrong.

Jennibug00: i'm right there with you.  you make me very proud.  people like us are the really heros in this all.  we rise above the bad cards we were dealt for each level of income, debt, loans, school, and trash family pulling us back down.  no mommy and daddy to give us a free ride.  the banks can burn.  the govt should have made education free and relieved US of our EDUCATION LOANS.  COLLAPSE THE BANKSTERS AND GIVE FREE EDUCATION!

xpert1: i too have lost my $$$ on the market a few times, even though only in my 30's (i'm a very risky speculator).  you have my respect.  you have the real level of clarity in this all.  not blurry future predictions, but crystal-clear life regrets.  i am sorry you lost on things.  i would fix it all for you if i could.  But for now you sound like the type that can look deep inside and say "i have led a good life and i have self-respect for doing what i thought was the best thing for all."  and now you can help the younger ignorant and apparently missing-chromosome learning-disabled generations understand too by t

Couldn´t agree more with xpert1. I live very "South of the border", and we learned, ever since we were kids, how crazy the economy could be. I agree we do have to save for our old age - because no one else will do that for you - and keep investments simple enough so that you can understand them all. And, after we are done paying off our debts, let's all enjoy our lives, with family and friends. As young as we can be, it's later than we think.