Ever had to put a Tourniquet on your Credit Cards ?

S

St. Phatty

Active member

• Feb 1, 2017

• #1

I have a HELOC I need to pay down.

The only way that happens is if I reduce my monthly Amex bill from $1300 to $500.

I don't want to be completely strangled by interest rate increases so I shifted my budget into Penny Overdrive

 

aridbud

automeister

ICMag Donor

Veteran

• Feb 4, 2017

• #2

Yeah, I've cut up a few cards that have high interest rates. Hope HELOC is a good rate...pay off cards, then pay more than usual monthly to pay off HELOC.

 

Douglas.Curtis

Autistic Diplomat in Training

• Feb 4, 2017

• #3

Never owned a credit card in my life.

Crazy concept, if I'm unable to afford it I don't purchase it. Much more restrictive life, yet infinitely more enjoyable without debt. Out of curiosity, what exactly are you spending $1300/mo on with credit?

 

EsterEssence

Well-known member

Veteran

• Feb 4, 2017

• #4

I don't let myself carry debt, right now I have a car payment but everything else is paid for. If I use a credit card I pay it off every month, at my age I don't need to accumulate a bunch of things . Cash is king...

 

420somewhere

Hi ho here we go

Veteran

• Feb 4, 2017

• #5

If you start young..

If you start young..

I have paid my credit cards off every month for 40 years..

Wealth is the accumulation of income I have NO debt.

People often wonder how I did it - start saving now.

 

Hank Hemp

Active member

Veteran

• Mar 8, 2017

• #6

There it is 420. I've took the tourniquet off.

 

B

brown_thumb

Active member

• Mar 9, 2017

• #7

I cut all my credit cards into tiny pieces and closed those accounts a quarter century ago and haven't had a credit card since. I hate CC companies.

 

MJPassion

Observer

ICMag Donor

Veteran

• Apr 1, 2017

• #8

CC companies want a credited world but they'll never do it with folks that refuse their shenanigans.

CASH IS KING!

If I can't afford it I dont need it.

 

yesum

Well-known member

ICMag Donor

Veteran

• Apr 1, 2017

• #9

I have had credit cards for I guess, at least 25 years. I have paid off the balance each month. If you can not do that, well imo the creditors are abusing you by the high rates.

Might be time for the scissors. I get cash rewards too so aside from buying stuff I really do not need, there is no downside. I know, buying stuff you do not really need is quite a downside.