Great Thread http://forum.brewerfan.net/images/smilies/smile.gif I can relate to many of the things being said. I fell into the trap during graduate school, at at the time of graduation was in about $80k in debt when considering student loans, credit cards, and a personal line of credit from the bank. My parents got me a credit card for emergencies when I was 16, and i had been slowly building up credit the past 11 years before falling into that trap at age 23. Fast forward 2 1/2 years, and i had 2 years making roughly $50k, and i made my payments but didn't make a ton of progress on my debt load. However, with the new year came a boost of $20k in salary, and i've been making great strides since then. I know most people have a temptation to increase their standard of living when they get a nice raise or a better job, but essentially i've been able to put that $20k in salary ($12k net or about $1,000 a month), directly into my debt payments. at $70k/year, my salary comes out to about $4,000/month... i've tried to arrange it into four groups 1) Living Expenses (including car payment) are about $1,800/month 2) Student Loans/Credit Cards- Minimum Payments are about $650/month with $300 going to interest and $350 to principal 3) Misc/Emergency Expenses - trying to stay at/below $250 month 4) $300/month 401k/403b contribution- i get a pension from work, but i'm trying to build up a second source of retirement income since Soc Sec likely will be gone before i retire 5) $1,000/month leftover- putting directly into extra principal payment. 30 months of the normal payment helped me knock my debt down about $10,500 (slow slow progress), but now that i've essentially increased my principal payment from $350/mo to $1350/month, i'm making serious progress. Within 24 months, i should be able to eliminate all of my debt (car paid off as well) except my one consolidated school loan which is at a very good interest rate. Its not easy passing up things i "want" now, but basically i view it as making $1650/student loan payments. When i reach my goal, that number will fall to $400/month, and i'll have roughly $1250/month left uncommitted. Basically when i get to that point, my goal is the split the extra money into thirds... 1/3 ($400/mo) to an emergency reserve to hedge against illness/unemployment/unexpected purchases, 1/3 into increasing my retirement savings (to $700/mo), and 1/3 to enjoy life a little more. $400/mo isn't a ton of money, but that pays for one very nice trip each year, or a couple of smaller trips/purchases. Luckily i have great parents, a great education, a job i enjoy, and the sense that paying stuff off in my late 20s will be easier than in my 30s with a wife, house, kids, & dog. Kudos to everyone else who has taken control of their situation. Keeping track of expenses on an excel spreadsheet might be nerdy, but it feels darn good to make progress.