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» posted on Friday, July 15th, 2005 at 9:21 pm by Ted

 

$400 off my Credit Card

As a result of yesterdays post, I’ve taken a look at my financial situation and decided I can pay about $400 off of Gold Visa One and still leave myself enough cash to live on.

I’m holding a little bit of cash back for emergencies (i never used to do this) and another bill.

I’ll probably pay another $100 off this credit card in a couple of days after the statement is issued so I have met the minimum monthly payment for this card.

Someone suggested that I just leave myself a little bit of cash out of each pay and then pay the rest off the credit cards. Then use the credit cards to cover my other expenses.

This won’t work for two reasons.
1) I won’t control my spending when I use a credit card. If I have a limited amount of cash on me then I’ll know how much I have to spend.
2) Most of the things I normally spend money on are cash only places, ie small cafes, bars that don’t run tabs etc.

 

filed under Payments | 2 comments

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2 Responses to “$400 off my Credit Card”

  1. Rosemary said:

    Jan 25, 06 at 9:11 pm

    Hi there Broke,

    I really feel for you as i used to have a credit card debt of $6500.00
    I had eradicated most of it but when i moved interstate it went up to $3000.
    This is how much it is now.

    Broke I read your comments about putting all your money on the credit cards except
    for a small amount for yourself to live on and I understand that you think it won’t work
    because you’ll just use your card anyway.

    Broke what i actually did today was close my card.
    Now whatever money I pay off every week I can’t use ever again
    Why don’t you try that?

    I understand that you have 3 cards.

  2. Rosemary said:

    Jan 25, 06 at 9:18 pm

    Hi there Broke,

    I really feel for you as i used to have a credit card debt of $6500.00
    I had eradicated most of it but when i moved interstate it went up (moving costs)
    This is how much it is now, $3350.00
    Tommorrow I’m putting about $250 on it.
    Broke I read your comments about putting all your money on the credit cards except
    for a small amount for yourself to live on and I understand that you think it won’t work
    because you’ll just use your card anyway
    Broke what i actually did today was close my card.
    Now whatever money I pay off every week I can’t use ever again
    Why don’t you try that?
    Or as you pay off a certain amount you can reduce your limit.
    My limit is $3350 because of this, down from $5500.00 (I had another card I closed and quickly
    paid off as well a month ago
    I understand that you have 3 cards, just close the 2 smaller ones.
    Or like you have said before get a loan.
    Loans are great because your not juggling your cards.
    Good luck
    I really feel for you.
    Hang in there.
    Rosemary .

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