I remember early this year, I told myself (and probably shared in this blog) that I wanted to be debt-free. No, not just me, but my husband as well. We have some credit card debts that need immediate financial attention. I’ve heard of other people’s horrible stories on credit card debts and while we’re far from credit card-related trouble, I can’t imagine ourselves getting into the same situation. It’s like it’s gonna be the end of the world for me.
I noticed that in the past two years, a good chunk of our supposed-to-be savings just went to our credit card obligations. I know there’s nobody else to blame but us. We made a lot of impulsive purchases (I once bought tons of cheap postcards just because they were on sale!) and spent money before it even came. Truly, a bad spending habit that needs to be curbed before it’s too late.
Just last week, the hubby and I did some drastic yet crucial measures to put things in order. We didn’t want those banks and credit card companies to profit from us anymore thru their high monthly interest and finance charges. So yeah, we looked for a way to raise money and paid our credit card debts (80% of them) and are now in the process of paying the remaining 20% gradually using our salary from work. We have also started asking those credit card companies to have our cards cut, for good. We’re keeping one card each, though, for emergency purposes.
I’m not saying having credit cards is bad as it’s very helpful especially in trying times. We just overspent in the past two years and we’re glad we have already corrected our wrong this early. And in fairness to us, we don’t know of any other debts aside from those we accumulated from credit cards. The rest are mortgages and utility bills that we get to pay on time.
Are your credit card debts in check?