Saturday, October 22, 2016

Challenge Myself: Day #116 Paying Off a Credit Card

Today is Day #116 of the Nar Anon Group Just For Today Challenge. I am also integrating the Live Happy into my Challenge. The Live Happy Challenge for today says to pay off your credit card with the highest interest rate.

The book says,

Most credit card companies assess finance charges when you don't pay off your balance in full every month. If that practice is causing you to sink deeper in debt, start paying off those cards and stop charging on them, if possible.

It will take a lot of willpower and perseverance to get credit card debt paid off, but you can do it.
Make a list of all of your cards, what you owe, and the interest rate on each. Then pick the one with the highest interest rate and pay down that card until you get it paid off.

Reward yourself, but for goodness sake, don't charge it.

In 2001 I flubbed up bad. We sold a small tract of property and at closing I asked for the money to be applied to our credit report to wipe away debt. We decided from that point to live without credit cards or credit. We paid cash for what we wanted. We used lay away whenever possible. And we also used places like Rent A Center when we needed a new stove.

This was all not a good idea. Two years ago we needed a new car. We learned we had absolutely zero credit on our credit report with a very low credit number I believe like in the 500 range because nothing was reporting to our credit report. In our 50's we had the grand task of establishing credit once again.

We have had to rebuild credit. We got off the kids family plans and got our own cell phone plans as a starter. It has taken us two years. Two years ago we couldn't get a credit card now, it seems they are giving them away like candy. I could give an example here, but won't in case someone I am referring to is reading.

Just For Today: Giving up the worries and stress over the credit rating system!

From the book: Live Happy

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