Cleared my credit card debt

As of today I have no credit card debt again.  I managed to pay off the last £350.00 worth.  I had been paying around £160 each month on it for the last few months after moving my savings of £1600 onto it last december.  It wasn’t draining my finances completely but it really was an extra heavy weight to carry each payday.

Of course its all my fault, I signed up for the thing in the first place.  What did I buy?  I can’t actually remember which is probably pretty typical of a credit card user.  One thing for sure is that I didn’t use it for everyday spending like food and mortgage.  However I did find myself in what felt like an endless cycle of  “emergency=credit card use”.  I managed to stop this by starting an emergency fund and by being extremely stringent with my spending for a couple of months.  I managed to put £200 by for the servicing of my car (which turned out to be an MOT and new radiator! instead) so that I didn’t use my credit card – I used cash instead.

Car Insurance.
Books from Amazon.
A meal out.
A new computer.
A shirt.
Petrol.
New Car Tyres (pair).
Car repair (door window issues).
The odd ebay purchase.
Tickets to see Steely Dan in concert.
Vet bills.

This is what my statements say that I use my Credit Card for.  Most of these are now budgeted for but the Vet bills are a surprise.  I’m going to have to add that to the list of expenses.

Damn I really hate credit cards.  Things are just going to have to WAIT!  I’m not going back to that kind of suffering again.

Right now I feel like I need to keep it just in case I need it.  Looking at the statements the most expensive things were about £450.  I need to get at least this much into my emergency fund before the next emergency.  Once I have managed six months or so without it I am going to close the account and return the card.

My “credit card cut-up & shut-up day” is August 22nd 2010.

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2 thoughts on “Cleared my credit card debt

  1. this is very typical of how people get into debt, we take out the cards to have as an emergenct and we feel secure,, then we always get in to emergencies ,

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