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No More Credit Card Debt
Old 02-17-2011, 08:49 AM   #1
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No More Credit Card Debt

Hey everyone,

It has been a few months since I popped in here. I've been plugging away in the mean time, though, and some small progress has been made.

My credit card balances are now officially $0 across the board! I still have a car note that I'm paying down, but other than that, I do not have any current debts.

There is still a lot of work to do, but things are looking up a little bit with this. Having no CC balance is a big morale boost.
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Old 02-17-2011, 08:51 AM   #2
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Congrats!! What a great feeling!
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Old 02-17-2011, 09:07 AM   #3
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That is a huge accomplishment, Joshua, just huge. Getting rid of that debt (and the mindset that let it happen, which is so easy to fall into) will make a big difference for you. Your credit score has probably gone up already!

Good to see you posting again. Hope your family is doing well!
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Old 02-17-2011, 09:38 AM   #4
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Getting rid of debt in general and CC debt in particular is a great thing. I feel much freer without debt, I imagine you do as well.
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Old 02-17-2011, 09:57 AM   #5
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Fabulous news!

Now the trick is to stay that way. You sound like you've already decided about that.
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Old 02-17-2011, 10:17 AM   #6
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Congratulations!
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Old 02-17-2011, 11:26 AM   #7
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Feels good to complete a goal, doesn't it.

Congratulations!
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Old 02-17-2011, 11:36 AM   #8
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Quote:
Originally Posted by freebird5825 View Post
Fabulous news!

Now the trick is to stay that way. You sound like you've already decided about that.
+ 1! Need to pay it off in total every month or pay cash until balance is zero.
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Old 02-17-2011, 12:11 PM   #9
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Congratulations!
You are making great progress and I'd bet there is a great feeling of accomplishment with the cc getting paid off.
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Old 02-17-2011, 12:25 PM   #10
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good job, great first step to FI, then ER!!
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Old 02-17-2011, 01:25 PM   #11
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Nice. I can assure you that from my own experience, there is an incredible feeling of security that comes with being completely debt-free. The bank can't take your house or your car. You can live on much less income, should it come to that, since you don't have to make all those debt repayments. You can start saving and investing with the cash flow that used to go toward debt payments.

It's a great feeling.
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Old 02-17-2011, 01:26 PM   #12
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Congrats! That CC debt is usually pretty nasty stuff. You don't need that!

What's your car loan rate though? I see our credit union offers 3% - at that rate I wouldn't really worry about it. I even considered taking out a loan on our new car, but figured any potential gain would not be worth the paperwork hassle.

-ERD50
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Old 02-17-2011, 02:47 PM   #13
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Congratulations. You are way ahead of the game by getting out of debt.
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Old 02-17-2011, 02:50 PM   #14
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grats!
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Old 02-17-2011, 02:56 PM   #15
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Congrats! Like others have noted - now keep ahead of credit card debt by paying it off monthly. Its easy - it can be done by keeping total monthly credit card charges below the amount of discretionary income available for the cc payment. Then there's enough cash each month to pay it off.

Good Luck!
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Old 02-17-2011, 06:10 PM   #16
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Congratulations Joshua - well done.
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Old 02-17-2011, 06:26 PM   #17
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Great work! Now you'll be able to redirect those payments to your car note.
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Old 02-17-2011, 06:40 PM   #18
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Collect interest, don't pay it. Way to go!
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Old 02-17-2011, 08:35 PM   #19
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Woo-hoo!! Congratulations!
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Old 02-17-2011, 09:09 PM   #20
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Very nice! It is so much better to pay for things when you purchase them.
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