RIP Credit Card – It is dead now!

Today is such a great day. My partner and I cut up the last of our credit cards. It is such a liberating feeling. I implore everyone to try to do it. No more monthly payment, no more debt (well at least credit card debt). No more interest payments on the debt (FYI I never paid 1 cent in interest).

“Procrastination is like a credit card: it is a lot of fun until you get the bill”

So here is the update for August

Liabilities Prior to August (debts)

  • Car Number 1 –  $14,636.28
  • Credit Card  – $4,848.90
  • Total – $19,484.90

Liabilities in August (debts)

  • Car Number 1 –  $12,463.55
  • Total – $12,463.55

So as you can see from the previous updates in early August/July, and May, we have drastically reduced our debt. Going from a mammoth amount of$46,645.45 to just $12,463.55. Our final amount of debt is for the car that we share, and although we could work really hard to pay this off right now, it is not worth it. As we would need to pay $12.50 per month that we pay out the loan, and the payments we have already made have covered the interest on the loan. So, for now, we are happy to just let the direct debit work and pay the loan down weekly.

This means that all our extra money we were using to pay off our Credit Card debt will now be going directly to the savings account. For extra motivation, we went on a dream day over the weekend and visited a new homes display village. Dream big!

 

Signing off for tonight
Pat

4 thoughts on “RIP Credit Card – It is dead now!

  • August 21, 2017 at 11:37 am
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    Huge progress in just a few months Pat. You’re doing great. I admire that you’re bold enough to free yourself from a credit card! I’m sure it will pay off in the long run.

    Reply
    • August 25, 2017 at 6:52 am
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      Thanks WF30. It has been hard work, but the reward speaks for itself. Future me is going to be incredibly thankful.

      Cheers
      Pat

      Reply
  • August 22, 2017 at 8:56 am
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    Congratulations Pat, I’m glad the feeling is as good as you anticipated. Great that you’ve already planned to be sensible with the freed up money.

    Careful getting too excited by the display homes, though, as they can lead to dissatisfaction with reality. I admit, we do sometimes like to visit display homes without any intention of buying because it’s fun. Then it becomes a bit depressing because we compare it to what we have and how about maybe we consider it, and what if…

    Of course, the reality is that if we wanted to build a brand new house, we’d have to give up our dream of retirement.

    Reply
    • August 25, 2017 at 6:53 am
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      Mrs. ETT you are 100% right, and do not worry I will not be carried away. It was certainly fun to be dreaming, and hopefully it will be a reality in the future. You never do know what the future really holds.

      Cheers
      Pat

      Reply

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