Friday, August 29, 2008

No More Credit Card debt!

In my July spending post I mentioned we paid off our credit cards! I’m very happy to officially report our credit cards are 100% paid off. From this point on anything charged to our card will be paid for within hours. I say that because we still plan to charge a lot to our cards. For example when we go grocery shopping I charge the total and go right home to pay it off. It’s a great feature of our account, being able to transfer the money immediately. I’ve thought about opening a card with some kind of reward plan but I love our quick transfers and the low interest rate was great when we were carrying a balance. Many rewards cards have much higher rates (even though we don’t plan on carrying a balance ever again I still don’t want a high rate card). We’re taking it slow so we’ll see what happens with this in the future.

As I’ve mentioned we’ve also decided that even though our cards are paid off we aren’t going to change our lifestyle. We’re happy the way things are, in fact we plan to do more to save money and help the planet as we can. With our credit card money freed up we plan to use that amount for savings and a few other accounts we’ve neglected while focusing on debt. I plan to put some in a dentist/doctor fund, a new car fund (well used, but new to us car), and increase our gift/Christmas fund as well. The rest of the money will go into our retirement/dream fund and an emergency fund with 9 months expenses. I’m also happy to announce that we plan to start tithing with our new budget. We were also planning to increase our grocery fund but since I’ve started couponing we don’t need to, in fact we could probably decrease it, but I like the cushion.

I cannot express enough how wonderful it feels to be 100% credit card debt FREE!

We owe lots of thanks to the following bloggers for motivation and showing us it was possible. We couldn't have paid off our almost fourteen thousand dollars in Credit card debt within seven month without their guidance.

Blogging away debt
Millionaire Mommy Next Door
Get Rich Slowly


ALC said...

That must be such a liberating feeling! They need to reward you, hopefully with something fun! :)

Anonymous said...

Hip-hip-HARRAH Meg! You are FREE from the shackles of debt! You accomplished a lot in a short time, and it sounds like you have a great plan lined up.

It makes me feel wonderful to think I helped in some way. Thank you for the mention.

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