Paying off debt

**R6_kid:Me** · 18th August 2009, 13:52

I just paid off my credit card. The limit was only $500 but it's been maxed probably for the last two years, hovering either over or very close to the $500 limit. The whole time I've had it I've made the minimum monthly payment and then usually transferred the money back into my main account after the due date

Even on my measily student income, with a little bit of dedication - mainly not getting pissed or eating takeaways everyday for the last three weeks I've managed to pay it all off

Funnily enough, knowing that it's no longer a negative against my name feels better than owning anything I've ever bought with it (apart from a new helmet and some leathers!)

This all came about because I got turned down for a loan, and wanted to prove to myself that I was actually good for it despite the bank thinknig otherwise. I only wish that this had happpened a long time ago and that I'd been saving for the last two years rather than spending money when I didn't need to.

The next job is demolishing my overdraft, which will probably take two months if I go hard, then I will be debt free other than my student loan and what I owe my father.

That's my feel good story for the day

**Naki Rat** · 18th August 2009, 14:02

Congrat's on getting rid of your credit card debt - highest interest rated debt first is the smart way to go.
I guess you realise you've been stiffed for 20+% interest on that balance for the last couple of years and the shitty thing with credit cards is that you pay interest on the entire balance owing at due date unless you pay off the total amount

Good time to be minimising debt. All power to your efforts

**yungatart** · 18th August 2009, 14:03

Good on you!
I remember how that feels....
The trick for you now, is to maintain that status!

**Headbanger** · 18th August 2009, 14:06

The trick is to now go out and treat yourself to something sweeeeeeeeeeeeeeet to the amount of $500, just chuck it on the card.

hookers and blow usually does the trick.

**Mully** · 18th August 2009, 14:07

Originally Posted by Headbanger

The trick is to now go out and treat yourself to something sweeeeeeeeeeeeeeet to the amount of $500, just chuck it on the card.

hookers and blow usually does the trick.

+1

Yeah, chuck it on the card. It's like free money. You'd be a fool not to.

**R6_kid:Me** · 18th August 2009, 14:15

Originally Posted by Naki Rat

I guess you realise you've been stiffed for 20+% interest on that balance for the last couple of years

Yeah, I check my account via internet banking most days and it was getting annoying to see 63c (or whatever amount) of interest being added to the balance when I'd added $100 to it the night before - that $100 is now only worth $99.37 - that's REALLY annoying.

Originally Posted by Headbanger

The trick is to now go out and treat yourself to something sweeeeeeeeeeeeeeet to the amount of $500, just chuck it on the card.

hookers and blow usually does the trick.

Originally Posted by Mully

+1

Yeah, chuck it on the card. It's like free money. You'd be a fool not to.

Lol, I'm gonna keep it there for emergency purposes, the only thing I'll be putting on a loan anytime soon is probably a bike which I'll pay off at 3-4x the required repayments anyway, and my flying which will be interest free on student loan, but for a good purpose. Anything else is going to have to wait until I've saved up for it.

**Skunk** · 18th August 2009, 14:23

I'm only paying close to $1000 a fortnight in interest. Fuck paying the balance as well.

**crazyhorse** · 18th August 2009, 14:26

Its good to hear people realise their worth. Having a credit card is one thing, and paying it off in full is another.

Well done. You will do well in the future with your new attitude.

**Stirts** · 18th August 2009, 14:59

Well done G.

Originally Posted by Famous last words......

I'm gonna keep it there for emergency purposes.

The only good thing to do with credit cards

http://www.wpclipart.com/tools/scissors/scissors_2.png

**vindy500** · 18th August 2009, 15:05

nice work R6, wanna do mine next

**R6_kid:Me** · 18th August 2009, 15:22

Originally Posted by Stirts

Well done G.

The only good thing to do with credit cards

http://www.wpclipart.com/tools/scissors/scissors_2.png

Haha, I'll only keep it until I've saved up $500, then it'll get the chop and be replaced with one of those fancy new debit cards.

**Stirts** · 18th August 2009, 15:28

Originally Posted by R6_kid

Haha, I'll only keep it until I've saved up $500, then it'll get the chop and be replaced with one of those fancy new debit cards.

Best you stay off Trademe, e-bay, Online Trading here, delete from your cell all the 0900 slap that arse then

**R6_kid:Me** · 18th August 2009, 16:20

Originally Posted by Stirts

delete from your cell all the 0900 slap that arse then

the only 0900 I have says it has a conflict with phonebook entry Tina "stirts".

**Disco Dan** · 18th August 2009, 16:26

Originally Posted by R6_kid

I just paid off my credit card. The limit was only $500 but it's been maxed probably for the last two years, hovering either over or very close to the $500 limit.

Good on you. But hardly cause for celebration???

Try $50,000 within a year which is pretty much what I did a couple of years ago now. I now live 100% debt free, have a large disposable income and just go out buying toys! Something for you to look forward too once you have finished studying and join the workforce...

You are better off with a independent 'pre-pay' "credit" type card - like the Prezy Card or the Loaded card. You pop a few hundred on it at the post office or via internet transfer and viola - you have an emergency supply you can use anywhere a normal credit card can be used. That way you NEVER get into debt !