Hooray!: ONE Credit Card Retired…

Posted: March 22, 2008 in challenge, change, credit card debt, credit card diet, credit cards, total transformation

I now no longer owe even a single dime to Household Bank. That is one card down, six more to go. This means that roughly 22% of our peak credit card debt from last year has been eliminated.  Gosh, this feels even better than I thought it would.

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Comments
  1. blessed1 says:

    Yayyyyyyy! Doesn’t it feel awesome to get rid of debt one card at a time. I’m right there with ya. Fighting debt is even biblical. We are slave to the lender. God teaches to break that bondage and be free of debt. Now I know why He teaches us this. A) like your post….it feels awesome and B) when we’re free of that financial burden we’re able to focus more on Him and His path instead of … oh crap who do I owe money to now???

    Great post!

  2. I just wish my lenders would forgive me like the rich man in Christ’s parable forgave his servant. I would in return gladly forgive the one person who owes me $20. 😉

  3. Scott says:

    That’s awesome. Debt can be a great tool when you control it – are you going to keep one or two of the cards?

  4. I am keeping every card but one- and only dumping that one because it charges an annual fee of $100. Often closing credit cards can have a detrimental impact on your credit rating as it relates to the proportion of your total credit limit available for purchases. I might let one or two go over the years.

    What I am really looking forward to is using my improved credit score to bargain with creditors to drop interest rates and transfer balances on cards that won’t play ball.

  5. Randy says:

    Congratulations! You should have a small party and burn one of the bills.

    Dave Ramsey uses the snowball approach. Pay off the smallest bill, then take the payments for that smallest bill and add it to the next one. It builds like a snowball.

    Keep at it….

  6. Neil says:

    Congratulations! That is an important milestone. Best of luck on the next one . . . and the next one . . .

  7. Congratulations! 🙂 That must feel great. 🙂

  8. Stiletto says:

    Oh my god, Household Bank? You must have been desperate when you applied. I still owe them money and this is back in 2001!

  9. “You must have been desperate when you applied”

    My credit rating was something like 600 when I applied for that card. And yeah, Household bank stinks. AND BTW don’t ever think of asking them for an increase in your credit line- they make you pay for it!

  10. Jennie says:

    Congrats! It is a great feeling. I was there once too. Even with being in the industry I had gotten myself into a mess that I was unable to get out from under. I had over $25,000.00 worth of debt at 25 years old. As a college student I was offered many credit card applications with the lure of a free calling card if you applied. This was like offering candy to a baby as a calling card was like gold to a college student. I had some credit because I had 2 pre-paid credit cards while in High School through my job. So I was approved for the credit cards with credit lines of a thousand dollars. Just to give you a little bit of incite, I had no job while in college. So I rang up the 2 credit cards that I had been approved for and my parents were left to pay for them. Once graduated I was let out into the world and got my job and was sent at least 2 credit card offers a day in the mail and the applications would stare at you while in line at stores offering incentives like % off if you applied. Before I knew it I was in way over my head and drowning in a sea of debt. Luckily being in the industry I knew what to look for and how to go about getting out from under the mountain of bills I had accumulated. I joined the debt settlement program my company offered and for a whole lot less money and almost half the time I was debt free. For people who can not do it on their own, their are companies out their to help you. Just do some homework and research the different program out their. Once you have chosen a program then you can choose a company. You can check out the company I work for at http://www.debtfreedominstitute.org

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