Blue Jeanz
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Registered: 04-2006
Location: Pennsylvania, USA
Posts: 2657
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Credit cards suck. We had gotten into a huge debt about 12 years ago and we were using one credit card to pay off another, and so forth. I won't tell you how many cards we had, many. We ended up going to a debt management place where they lent us the entire amount of money to pay off every credit card. Then we had a monthly payment to them that was much lower than the total of the credit card monthly bills. The interest rate was very low and within 5 years we were debt free and have stayed that way ever since. We do have a credit card, ONE, and I do think everyone needs to have one. But when we do use it for something it gets paid off as soon as the bill comes. If we can't afford to do that then we don't buy it! Simple as that. I won't go there ever again if I can help it.
Good luck to you and I hope you can figure out a plan. But you do know that when you pay the credit card's minimum amount that it will take you about 20 years to pay off a very small debt because of the high interest rate?
We all like to live beyond our means but as hard as it sounds, it's not that hard to simplify your life and get out of debt. It just takes time and a willingness to stop charging stuff.
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6/1/2009, 6:38 pm
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starzlookdown
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Registered: 05-2006
Posts: 139
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Re: apparently I can't be trusted
I resisted getting a credit card for a very long time, then I finally got one so I could get concert tickets when they were first released. I kept it a secret, so nothing else was put on that card for a year and it was paid off promptly.
But then somehow my daughter found out, then my husband, then my other daughter, and then the boys.. and they often had these important things that really needed a credit card, like train tickets, a gift that had to be ordered online, etc. I tended to forget about the purchases because I wasn't the one who bought it, and they forgot the purchases if they couldn't afford to pay me back. My husband even bought expensive truck parts, twice, without even mentioning it to me! (Now he has his own business credit card, and so does my Hamilton daughter.)
So gradually I got behind and couldn't pay it right down. I've even transferred money from the credit card to my daughter's bank account (the one up in Ottawa) when she didn't have enough money to cover rent and didn't give me enough warning to get money into my own account (we have two linked accounts).
Now I imagine I have a pretty bad credit rating.
I need to go shooting for some food and have bubbling crude come up from the ground, like certain hillbillies I could mention.
---
Lo's Road (at Multiply blogs)
The point of the journey,
is not "to arrive"...
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6/2/2009, 12:30 pm
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God Bless All Who Post Here!
and it turned out I had not been making payments as often as I thought!!
