I have finally paid off my credit card - Page 2

Barrykgerdes · #21 26-11-2010, 01:43 PM

Quote:

Originally Posted by ZeroID

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 ..!!

A wise decision. Much better than putting into super. When you retire there is nothing better than owning your own home. You can then live on a very small super (or OAP if it is still available) and still have money over to enjoy life. That is what I did (although they would not give me redundancy) I was still able to discharge all debts before retirement.

Barry

erick (Eric) · #22 26-11-2010, 01:58 PM

Quote:

Originally Posted by Barrykgerdes

...Yes I get reward points which I convert into gift cards to use as Xmas presents at Xmas time.

Are they charging you an annual fee for the card and a separate annual fee for the rewards scheme? I find that it is much harder to get the benefits from credit cards we used to get, especially when so many merchants now charge fees for credit card use (outrageous fees in the case of some, like Qantas!!)

jenchris (Jennifer) · #23 26-11-2010, 02:02 PM

I've been made redundant twice and I'd only been working for the companies for 10 months! No payout...
Of course being my age, it's also difficult to get back into the fray.
I can probably out fitness most 45 year olds and I'm relegated to, "careful, she might have a heart attack".... soddit

snowyskiesau · #24 26-11-2010, 02:24 PM

Congratulations. It's a good feeling being debt free - I hope to experience it soon.

In the past, I've used my credit card for most purchases but always paid it off in full every month. Not having worked for the last 18 months has made that a bit difficult.

However, I've just exchanged contract on a property I've had for sale for 6 months so I should shortly be debt free and hopefully have enough money to move to Tasmania where I can practice being broke again.

Barrykgerdes · #25 26-11-2010, 02:34 PM

Quote:

Originally Posted by erick

Are they charging you an annual fee for the card and a separate annual fee for the rewards scheme? I find that it is much harder to get the benefits from credit cards we used to get, especially when so many merchants now charge fees for credit card use (outrageous fees in the case of some, like Qantas!!)

Yes I get an annual fee that is well covered by award points. Last year I spent about $30000 on my card. The convenience of the card outweighs the costs by far if you use it wisely.

Barry

Barrykgerdes · #26 26-11-2010, 02:36 PM

Quote:

Originally Posted by jenchris

I've been made redundant twice and I'd only been working for the companies for 10 months! No payout...
Of course being my age, it's also difficult to get back into the fray.
I can probably out fitness most 45 year olds and I'm relegated to, "careful, she might have a heart attack".... soddit

Half your luck. I have been retired 25 years but still get offers of full time jobs.

Barry

space oddity · #27 26-11-2010, 09:01 PM

Good to get out of the credit card debt with their large interest rates. Being the stingy mongrel that I am, I have never let myself not get up to date on the plastic fantastic.Often we find the account slightly in the black! Does not last that way too long. The convenience of paying business bills over the phone with the card saves a lot of time and is easy to trace. My card gets a real thrashing as well as regular feeds of funds.
The really disturbing thing is the percentage of Australians that cannot get themselves out of credit card debt, continuing to live beyond their means while propping up the obscene bank profits.
Now your next goal is to knock off the mortgage

erick (Eric) · #28 27-11-2010, 10:56 PM

A few questions:- Why is debt a dirty word? Why the great rush to get out of debt?

I have some answers and I would be interested in your thoughts.

jenchris (Jennifer) · #29 28-11-2010, 01:03 AM

Debt is very expensive and stressful as far as I can see.
If you want to buy something or have a nasty emergency, you don't have to worry about financing it.
I'm credit worthy as I have equity, I'm beholden to no one and independent (and have been since I left home at 17).

space oddity · #30 28-11-2010, 08:20 PM

Debt is OK if it is used to fund productive assets that will produce ongoing utility , production or value. Much of the debt households incur is to fund a lifestyle more lavish than their income/production warrants. The habit of living beyond one's means will eventually catch up. Something the economists have never cottoned on to- in the long run, you can only consume what you produce. Borrowed consumption must eventually be repaid. In the context of Australia as a whole, we as a nation consume more than we produce- how are we going to suddenly become able to pay our own way , let alone pay back the debt?
Too disturbing to think about it . I will just have to stare in to the heavens for inspiration

erick (Eric) · #31 28-11-2010, 08:26 PM

My rule is debt for things that you can touch in the future - house, car are obvious ones. There are others - Children's upbringing/education?

Never debt for something such as a holiday. Have that covered with hard cash before you go - don't have it sitting on the credit card for ages after the fun is past!

Chillie (Henry) · #32 28-11-2010, 10:52 PM

Thanks for your kind thought everyone. It is a good feeling.

Quote:

Originally Posted by Jen

woohooo good on ya buddy

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

Sorry Jen. Although I would like to drive up to Swan Hill to visit you sometime, I'm getting a few things done to my new car which could cost up to $2,000. That will be going on my credit card. So I can't even buy a couple of Engel fridge/freezers for myself.

Omaroo (Chris Malikoff) · #33 29-11-2010, 01:38 PM

Never had a credit card, and never will. I run a company one, but that's separate and only for company travel.

I do have two monstrous mortgages though. Roll on 2047.

multiweb (Marc) · #34 29-11-2010, 02:32 PM

Quote:

Originally Posted by erick

A few questions:- Why is debt a dirty word? Why the great rush to get out of debt?

I have some answers and I would be interested in your thoughts.

Freedom of choices, more options? There is nothing more stressful to just work because you have to and pay off borrowed money when you could take it easy and buy stuff you can afford. I'm debt free on all accounts. Loving it. Now paying kids education so they both get a top job, big block of land in the outback, did I mention obs? They'll sure need one of those two.