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02-17-2011, 07:49 AM
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#1
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Recycles dryer sheets
Join Date: Aug 2010
Posts: 68
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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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02-17-2011, 07:51 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 1,250
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Congrats!! What a great feeling!
__________________
Make no mistake, my friend, it takes more than money to make men rich. - A. P. Gouthey
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02-17-2011, 08:07 AM
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#3
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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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!
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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02-17-2011, 08:38 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2003
Location: Pasadena CA
Posts: 3,346
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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.
__________________
T.S. Eliot:
Old men ought to be explorers
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02-17-2011, 08:57 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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02-17-2011, 09:17 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,519
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Congratulations!
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02-17-2011, 10:26 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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Feels good to complete a goal, doesn't it.
Congratulations!
__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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02-17-2011, 10:36 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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 Quote:
Originally Posted by freebird5825
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+ 1! Need to pay it off in total every month or pay cash until balance is zero.
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02-17-2011, 11:11 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 1,608
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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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02-17-2011, 11:25 AM
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#10
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Recycles dryer sheets
Join Date: Apr 2010
Location: Green Valley
Posts: 245
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good job, great first step to FI, then ER!!
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02-17-2011, 12:25 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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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.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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02-17-2011, 12:26 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,896
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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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02-17-2011, 01:47 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
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Congratulations. You are way ahead of the game by getting out of debt.
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02-17-2011, 01:50 PM
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#14
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Full time employment: Posting here.
Join Date: Jul 2010
Location: San Francisco
Posts: 862
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grats!
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02-17-2011, 01:56 PM
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#15
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,603
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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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02-17-2011, 05:10 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Congratulations Joshua - well done.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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02-17-2011, 05:26 PM
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#17
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Administrator
Join Date: Apr 2006
Posts: 23,041
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Great work! Now you'll be able to redirect those payments to your car note.
__________________
Living an analog life in the Digital Age.
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02-17-2011, 05:40 PM
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#18
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Full time employment: Posting here.
Join Date: May 2007
Posts: 883
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Collect interest, don't pay it. Way to go!
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
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02-17-2011, 07:35 PM
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#19
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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Woo-hoo!!  Congratulations! 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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02-17-2011, 08:09 PM
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#20
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Full time employment: Posting here.
Join Date: Apr 2008
Posts: 702
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Very nice! It is so much better to pay for things when you purchase them.
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