Cutting up the Credit Cards
I regularly listen to the Dave Ramsey Podcast about getting out of debt and staying out of debt. In doing so I had the lesson rub off a little on me. It is funny how my life has gone a full circle in the last twenty years. Twenty years ago I was debt free. My thoughts back then was to avoid debts at all costs. Over time things changed and not for the better. I allowed people to influence me and took out a credit card to earn loyalty points…
Then a few years later I took out a mortgage and bought a home. Three homes later I ended up with credit cards, personal loan, car loan, student loan and a mortgage… A long way from the twenty year old me with no debt and not wanting any debt. So the Dave Ramsey podcasts came at the right time for me… First step was to stop borrowing money. This included cash flowing my Masters Degree that I was part way through. The next step was to start paying off the debt.
About a month ago I had the honour to ring up the bank and cancel my credit cards. It was interesting to see how banks suck us in. At the time I hand gold credit cards, though on the day I cancelled the cards I discovered that they sent me Platinum cards. So nice to know that I am loved and they upgraded me….Not! Even on the phone the gentleman from the bank could not understand my reason of “I do not need them, anymore:. He’s only response was “but you’ve had them so long.”
As I review my situation now, I realise I am not financially at the same point as I was at age twenty, however my mindset is back there again… “I will pay off all the debt and stay out of debt.” Even though I still have lots of debt, with a good amount of it paid off I do have a greater sense of peace and relief…
- Have you paid off your debts in the past?
- How did it make you feel?
- What would it be like to have no Debt?