I have finally paid off my credit card

Chillie (Henry) · #1 25-11-2010, 09:15 PM

You may remember last year that I had a line in my sig along the lines of:

"A fully paid off credit card? NOT THIS YEAR!"

Well, I was inline to have it fully paid off by the end of May this year untill I bought my Canon 450D back in February this year. Then I bought some accessories for it so the credit card was almost maxed out at one stage.

Having received a large, unexpected inheritance at the end of October I was able to buy a new (to me) car and pay most of my credit card off.

Today, I finally paid the rest of the credit card off meaning for the first time in years, I am now debt FREE!http://www.iceinspace.com.au/forum/....es/party05.gif http://www.iceinspace.com.au/forum/....es/party05.gif http://www.iceinspace.com.au/forum/....es/party05.gif http://www.iceinspace.com.au/forum/....es/party05.gif http://www.iceinspace.com.au/forum/....es/party05.gif

Yep! I celebrated by eating a whole chocolate mud cake in one go washed down with 2 600ml cartons of banana flavored milk,and I'm quarter way through a bottle of Claytons.

This new found freedom won't last though because I will be getting my car serviced and getting a cruise control fitted next month.

I hope you share my excitement.

leon · #2 25-11-2010, 09:19 PM

Good on ya Henry, but I cant say how that would feel, never owned a card of any description, always physically attend the bank for cash, and I too am debt free, everything i have i own, nice feeling it is too.

Leon

Screwdriverone (Chris) · #3 25-11-2010, 09:22 PM

Hi Henry,

NICE WORK!

Cant say the same myself.

I was thinking though.......

There seems to be a few items on the signature, namely....Argo Navis (on the wish list) | Telrad (on the wish list

Tempted???

Cheers

Chris

Chillie (Henry) · #4 25-11-2010, 09:25 PM

Thanks Leon. I also have a high interest Store Card but that is fully paid off and has been since last year.

My telescope is fully paid off now along with all my other stuff.

Chillie (Henry) · #5 25-11-2010, 09:30 PM

Quote:

Originally Posted by Screwdriverone

Hi Henry,

NICE WORK!

Cant say the same myself.

I was thinking though.......

There seems to be a few items on the signature, namely....Argo Navis (on the wish list) | Telrad (on the wish list

Tempted???

Cheers

Chris

Not at the moment Chris. Taking the car in to the workshop next month could set me back up to $2,000. They charge ~$93 per hour for labour.

Esseth (Alan) · #6 25-11-2010, 09:37 PM

As a debt collector, I can say good idea

erick (Eric) · #7 25-11-2010, 09:46 PM

Well done! Took me about 20 years to get the balance of my several cards back to zero. Hope all you bank shareholders have enjoyed the dividend returns from your shareholdings - please thank me!

BTW - two morgages still going strong!

Chillie (Henry) · #8 25-11-2010, 09:55 PM

Quote:

Originally Posted by Esseth

As a debt collector, I can say good idea

I've never paid the minimum amount. I always pay more usually $400 - $500 per month. And I'm on a pension.

jjjnettie (Jeanette) · #9 25-11-2010, 09:56 PM

Congratulations Henry.
It must be a massive load off your shoulders.

Miaplacidus (Brian) · #10 25-11-2010, 10:06 PM

Well done, Henry! Enjoy the freedom, even if it seems you will soon embrace the debt-bogey again.

Alan, you're a brave man, fessing that up in this thread.

Yes, Eric, I specially asked the bank to directly charge my dividends to your credit card account. Much appreciated.

Chillie (Henry) · #11 25-11-2010, 10:16 PM

Thanks Jeanette. Imagine getting a letter from a Law Firm you've never heard of before containing a large cheque on a Friday with the rego on your current bomb expiring in 8 days. That is what happened to me. With all that money, I didn't want to re-register the old bomb. I found my new car quickly. Paid for it plus paid $4,000 off my credit card in one day. That took the balance of my credit card to below $100. But with interest it climbed to a bit over $100 which I paid today.

Two bank employees (including the teller) asked me if I wanted to close my credit card account because the balance is $0.00. I said no.

jenchris (Jennifer) · #12 25-11-2010, 10:31 PM

Well done Chillie - it's a great feeling innit?
I've got 4 credit cards, they're all zero - like my mortgage.
I have enough credit to buy a 5 series BMW.
But I'm a bit frugal - I'm unwilling to go into debt - I own my life, why let a bank have it?

Jen · #13 26-11-2010, 12:37 AM

woohooo good on ya buddy

Now lets take Jen shopping and we can fill it up again mine is maxed out

Analog6 (Odille) · #14 26-11-2010, 09:17 AM

I got into awful strife with them 15 years or so ago and now only have debit card. If I ain't got the money I don't buy.

multiweb (Marc) · #15 26-11-2010, 09:23 AM

Good for you! I make a point to clear mine at the end of each month and never go over $1k down unless absolute necessary. CC is real handy because you do need money in case of an emergency regardless if you have it at hand or not. Banks are not the best at making it easy or fast and convenient to use your own money. See a trend there?

A lot of online shop and commercial services will require one too so unfortunately there's no easy way around not having one. It is easy to go overboard though. It all adds up and sneaks up on you.

jenchris (Jennifer) · #16 26-11-2010, 09:26 AM

Can't hire a car without a credit card.

Barrykgerdes · #17 26-11-2010, 09:45 AM

I find a CC very usefull and do almost all purchases (up to $10000) on it. Oh and by the way if the company you wish to purchase from regularly wants direct debit, find another supplier. It will cost you much less in the end.

The secret is to run a proper monthly/yearly budget with all your reccuring expenses listed at least up to two years ahead. A spread sheet can do this. I use a 1985 version of Symphony that has recorded all my transactions since. Yes I get reward points which I convert into gift cards to use as Xmas presents at Xmas time.

I keep a daily record of income/expenditure and bank balance. I enter each purchase in an appropriate column and check it against my CC statement each month and ALWAYS PAY THE FULL AMOUNT BY THE DUE DATE.

If you look at my remarks on impulse buying you will see that I have bought more junk than most could afford on a similar income to me (AOP +super). This because of careful money management.

Barry

Barrykgerdes · #18 26-11-2010, 09:56 AM

Quote:

Originally Posted by jenchris

Can't hire a car without a credit card.

You can't get Etags either. I don't use tollways.

That reminds me of an experience a friend had in New York in the 1960's. He wanted to rent a car and in those days C/Cards were things like Diners or Amex. Hardly even known in OZ. After going through his wallet I think he produced a NRMA membership card in the end. This was accepted and he got his rental car!

That same friend also had a lucky escape on that trip. He had to fly somewhere and flying was like a bus trip you got in the queue and the plane loaded. When full it took off. He was about 6 places behind the last passenger. That plane never made it to its destination no survivors.

Barry

ZeroID (Brent) · #19 26-11-2010, 11:37 AM

I got made redundant march this year. Payout cleared my mortgage. The next day I started work for the IT company that my ex company brought in as an outsource, .... doing the same job in the same place.

It ain't all beer and skittles, lost some income but no mortgage more than made the difference. Now I'm just bored instead. Limited by the contractual arrangements as to what I can do.

So I built a 10" telescope .......

True ..!!

Ric · #20 26-11-2010, 01:02 PM

Top stuff Henry

It's always a good feeling not to owe money.