Finance Notes: I’m in the black


 

£500 in the black. I paid off the last remnants on Friday 17 June 2011. Never going to forget that day. From now on, only purchasing what I can pay in full on my credit. My credit card is now showing a healthy positive balance of £500.

On the road to being more financially responsible!

Have you ever been in credit card debt? How did you get out of it? Let me know in the comments!

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10 thoughts on “Finance Notes: I’m in the black

  1. I’m credit card debt also. I can’t wait to get my cards down. I wonder is their a good way to get them down.

  2. Yes, in it now. Not a frivolous spender; life happens and there was no choice but to use ’em. Can’t WAIT till it’s all over. :-/

      • Most of the cards are on payment plans set by each credit card company. One of the cards, even though the minimum payment went down since I pay on time, I still pay more than the minimum. The rest….. the minimum will have to do for now. :-\ But at least the amounts are set in stone, including the interest rates.

        As annoying as it is, no choice but to keep going.

        • I think it’s good you pay more than the minimum. This is where people get bitten by not paying the minium. Do you think that credit cards are good or bad? I got that credit card when I was young and used it badly because I didn’t get how it worked. I am older know, so I understand.

          • With proper financial education (which ought to be mandatory in high schools in my opinion), they can be good. I was lucky enough to have a parent who helped me with understanding credit cards. Unfortunately, unexpected emergencies came up and I had no choice. But for many people, credit cards are atrocious and personally, I hate all credit card companies. 😐

  3. I am currently in some credit card debt. It may sound backwards but whilst paying off one I acquired a second. However the 2nd one is just for my online spends which i clear within 1-2months. I will start making higher pymnts to get the 1st one down quicker too. its okay to save but saving would have taken me a lot longer

    • Thanks for sharing your side, SoFro. I think credit cards are useful (how else would we be able to book hotels?). For me, CC debt was hard to get out of but now I am out of it, it makes me think hard about my spending patterns. I still have my overdraft to clear, but that’s interest free the last time I checked with Natwest they said I had interest free for one year. Just working to cut it all down to nought!

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