pay off my credit card

I found a calculator on CNN money (http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp) that let’s you figure out how best to pay down your cards. I did that until I got down to a small enough chunk that I was comfortable just paying the balance off.

It is so nice to get those statements that say $0. And it’s wonderful to see that extra hundred or so bucks in my budget that doesn’t have to go towards paying the cards.

So after a few months of using a debt reduction calculator, I’ve got one card down.

I actually forgot how far along I was, so I was pleasantly surprised to log in and see my highest interest card was under $10.

I really dislike my credit card company. Their rates are ridiculous, their customer service is terrible, and they constantly send me junk mail. I told them I got a good balance transfer offer from another company, and would switch if they didn’t decrease my rate. They basically told me to suck it, but now they can suck it because I’ve switched. I still have the card to keep the account open for my credit score, but I feel much better not having as much of a balance with them. Oh and it’s been much easier to pay my balance down with the new company.

So I got a new card with no interest for a year, moved almost all of my balance there and have a schedule to pay it down within a year.

Well I need a bunch of stuff for school, but of course my loans won’t disperse for a while so out came the credit card. The plan is to keep track of all my charges and then pay them off when my loans disperse.

Textbooks set me back this semester, but at least I’m still making more than the minimum payment and paying on time each month.

So I created a spreadsheet to figure out how long it would take me to pay it off. I was pretty happy about it. Then over the summer I hit some rough spots and started charging again. Boo!

However, now I’m back on track, and haven’t used the card in over a month so I feel better about it.

So apparently if you don’t use your card for a while the company sends you a new one just to “remind” you that you have one. Sure they say it’s because your account is suspected of “fraud”, but there are no weird charges on mine. Shame on you credit card companies!

Since posting this goal I have been paying more than the minimum. Also I stopped using the card before Christmas. Using my debit card is just as easy but makes me be more responsible with my money. Having to worry about overdrawing keeps me from splurging on shoes.