Well I just completed filling out an electronic payment from my checking account to my credit card in excess of $3,700. The transfer will take effect Monday (the next business day) and I will have a $0 balance on my CC for the first time in a very very very long time (my guess would be 10 years).
I would like to thank work for issuing me the Retention Bonus Check (long story) that made this lump sum payment possible. I have been working on bringing my balance down for years and counted on this check when I planned my Last Payment Date a few months ago.
I can’t tell you how frustrating it was over the years making payment after payment and seeing little results in the overall balance (BIG TIP: Request a lower % Rate!!!). My balance had reached almost $10K (with little to show for it) just a few years ago and by that time I got the rude awakening that this excessive charging had to stop. The CC company didn’t seem to mind though. Through the years if I came close to my credit limit they would automatically increase my limit on the next bill. How nice of them (damn SOBs)!
I promised myself from then on in that I would only use the CC if a) I did not have enough cash in my bank account b) CC was only acceptable payment or (and more importantly) c) I actually needed to spend my money on it.
From this day forward I promise to be more responsible with my CC and I will not use it unless absolutely necessary.
I am also thankful that I never fell into multiple CC debt. I have only have had one CC (except store issued credit cards - which are all paid in full too) even though I was given countless offers to sign up and apply.
Next Goal: Save Save Save!!! All the payments I have been making to my CC will now be going into my savings account. Wow! I will actually now be able to watch my savings grow beyond the measly interest each month. I will keep my fingers crossed that I can stick to it.