|Credit Card Debt…Be Gone!|
This post will be brief…I just wanted to share some good news. This week we paid off the last $500 balance on our Visa credit card. We had carried a balance on a number of 0% rollover cards since 2009. At its peak, the balance was $10,000. By rolling our credit card debt to 0% rollover cards, we were able to avoid most credit card expenses: interest and late payment fees. Every month we automatically sent in payments using our bank’s Bill Pay service. However, owing anything to a credit card company is NOT good; thinking and worrying about credit card debt definitely affects your psyche.
In the future, we plan on using our credit cards sparingly. That shouldn’t be so hard since we make most of our purchases these days with our debit cards. We prefer debit cards because they seem to moderate our spending and encourage us to be thrifty. (Watching our checking account balance steadily diminish over the course of the month seems to keep our spending and consumption in check. On a debit card you can’t spend what you don’t have!)
If you don’t have any credit card debt, congrats and good for you. If possible, avoid credit card debt at all costs; it’s usually a first step towards debt slavery. If you are dealing with credit card debt, good luck paying them off and reclaiming your financial freedom.
Health Savings Account: We use Elements Financial to access commission-free, low-cost Vanguard ETFs at TD Ameritrade.