Climbing Out of Credit Card Debt

After retiring my credit card, I was finally living within my means, i.e. not spending more than my income. It was a major victory, but there were still thousands of dollars in credit card debt looming in the background, adding on interest each month I paid only the minimum payment. My next step toward a debt-free life was to attempt to live below my means (to spend way less than my income) so that I could make much larger payments on the credit card. That meant a major budget cut.

I know, I know, budget cuts are buzz-kills. They mean less of the “fun stuff” that cost you money. They are also our mercy when we want to get a handle on our finances.

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Retiring the Credit Card

I hate credit card debt. Nothing good comes from it, and I have tons of regret whenever I dig myself into a hole. For every dollar of debt I’ve added to my credit card, and for every dollar of interest laid on top of that, I am throwing money down the drain, and I can think of many other things I’d rather put those dollars toward than the decisions I regret making in the past. Imagine what I could buy now (or save toward) if the $500 I have budgeted for my credit card payments could be used for something else! Like being able to visit my long-distance family and friends for the holidays, or to save toward a down payment on a house.

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Recycled papers

Penny Pinching: Recycling the Old Calendar

When you live month to month and have retired your credit card, sometimes you have to decide between getting paper towels or getting toilet bowl cleaner; face moisturizer or a fresh, non-rusty razor blade refill. There’s not a whole lot of wiggle room for extraneous purchases, so you either go without some things for a while, or get creative with the things you already have.

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