Painful, life changing decision

[MD]

Its been one of those mornings, heartache and happiness in one hour, I finally took the decision that credit cards had to go, after spending the last 6 years paying them off I now feel fully relieved, I still have one, but I have got the best possible deal for it, and its soley for mail ordering/internet purchasing.





That there is the end of an era for me, for those in the same position do something about it, and do something now

Yesterday I could have walked into any dealership and bought the car I want with one swipe of the card, I drove past the Honda garage and the type R was screaming 'buy me buy me!' but today I couldn't even buy the gear knob.

It feels good, but its horrible not having the option, but I knwo I know, that pile up there is a disgrace.

Its prolly not the place to post this, but its a warning, don't get in the crap I did.

And to the chief, ill be starting work on the stuff today now Im sorted.....

m@

[nichomach]

Congratulations; that took considerable willpower, and although you might not have so much purchasing power, just think of the load off your mind, that's got to be worth it.

[Kimo]

It's the best way.

Shame not everyone thinks the same, or at least not until they are too far in debt and beyond any easy means of paying off and escape.

Definately way to go.

[Stewart]

Oh dear. How many credit cards did you have?

[MD]

you don't wanna know lol, at the peak I had 5, that pile above is 4 of them, I tore up one of the 4 about three months ago, I had a credit allowance across all cards that was 4 times my annual salary. I fortunately beat myself up enough to do something about it, but you read all these horror stories of people with £100K in debt on them.

I have lived like a pauper for the last 6 years, but the benifit is considering the average debt on CC's in the UK is £2,400 PER person (including those who don't even have or qualify for one) I am now not part of that statistic in monetary terms.

m@

[Stewart]

One of my rules - never be in any form of debt, no matter how small.

I have a card, but only use it for things I can buy outright, just use it for the ease of purchase online.

Can't do doing with debt; any adult with 3 functioning braincells and no drink or drug habit should have no problem at all being 100% free of lingering debts, with a tiny bit of money managment and common sense.

You made the right choice mate. Debt is for scruffy people with 9 kids who are always trying to borrow a fiver. Don't lower yourself to it.

[MD]

I was a student, thats when it all started. Every time I got close to the limit, they put it up, and up and up, I think I had a limit of £3,000 whilst I had no job and I was a student. They get you and they reel you in and they do you.

I have kept one just for the online guarantees it gives me, nothing more nothing less, I watch my bank accounts daily now, and can live off £400 cash of my salary a month and I do other stuff to help out the kitty, so I am saving already, so it took 6 years, but now I have a great setup to get it right.

If you are sitting here and reading this and you know your wallet is bulginig with cash you don't actually have (i.e. a rectangular plastic thing) then get on the phone and speak to your CC companies, you can do something about it and for those who need to get new cards to help ease the burden, look at www.moneyfacts.co.uk, their information helped me and it can help you.

I know i sound like I am preaching, but it can be done, but you have to WANT to do it.

m@

[iMc]

I've got £350 on my Credit Card atm. I hate it. It doesnt go away. The first thing I'm paying off in the summer when I get back to work is that. Should only take a months work.

[Allen]

Can't do doing with debt; any adult with 3 functioning braincells and no drink or drug habit should have no problem at all being 100% free of lingering debts, with a tiny bit of money managment and common sense.

It's not as easy for some people as it is for others. I admire your willpower not to get into any debt what-so-ever, but there are some who, once in a certain position, need credit to be able to live.

[BroadbandPlacey]

well done,

i'm a student (thats right vaul) ive only got a debit card so i can only have whats in my account (yes theres the overdraft but im not touching it unless i really have to). i get offers of credit cards all the time, and they always ask you why? well thats because i have no need for one (or two or three), i hate the idea of them, im happy with the system ive got

so they (the cc companies) can screw there CC's with their high rates of interest, i dont wanna be part of their statistics

[iMc]

I can't do anything about my student loan, also I can't afford to pay for my accomodation without my overdraft. Thats just a fact of life when you can't work full time and don't have rich parents.

The one thing I don't need is a credit card.

[MD]

I can honestly say my parents are well off, but I am a proud person, I am proud of everything I try to achieve and one thing I vowed I would never do was to take money off my parents, I never will ever again, I know why I am on this planet and I know what I have to do, I was not going to leave the age of 25 with debt, I have a chieved this and am proud of it, but at the same time I do fully appreciate each persons circumstances, personally I think the way the uni system is setup is stupid, I would farrather my taxes I pay go to making someone else have a good chnce at life than say building a dome or decorating gordon browns flat again, but hey, thats just how it works, no matter if it does suck the big cahoonie.

m@

[Stewart]

I was a student, thats when it all started. Every time I got close to the limit, they put it up, and up and up, I think I had a limit of £3,000 whilst I had no job and I was a student. They get you and they reel you in and they do you.

I don't really buy that though, mate. See, they don't hold a gun to your head and say - take this card, or accept this new credit rise, or buy shiny things with this credit.

End of the day, you're an adult, its your choice and you are fully aware of the situation. If you choose to have another card, fair enough, just make sure that you are aware of the flip side of the coin.

So I just don't buy the whole 'they reel you in' stuff. You filled the forms in mate.

[Knoxville]

Got a few hundred on my cc which im paying off £50-100 at a time atm, didn't really put the purchase on it because i couldn't afford it, more because I couldn't be arsed to save and would rather have stuff on the day and pay it off over a couple of months.

[Zak33]

you have to have a good credit rating in the UK to get places.

to get a good credit rating, first you must have credit.

Use credit to your advantage, and only your advantage.

Use your credit cards for the stuff you always pay for on your cheque or debit card, and then pay it all off monthly.

If you avoid credit your entire life, you'll struggle to get a motgage, and will always end up renting someone elses house, and paying THEIR mortgage and helping them own several houses.

So, no one should be scared of credit.

the trick, as you're all celever enough to know, is to control IT, and not the other way around.

Put it this way:

£1000 sofa's for your home.

Either get 0% finance for a year, and use credit to your full advantage, while sitting on £1000 and gaining a l;ittle good interest for a few cold beers out with friends at Christmas.

or give them all the money and getnothing for it.

OR.....as I do monthly:

Spend EVERYTHING you are buying thast month on your credit card...food, beer, petrol, broadband....etc etc....everry little thing on your plastic.

Keep the interest in your current account that is tied to your mortgage, hence lowering the interest that month.

Pay it off next month afteryou've been paid again.

THEREFORE always having between £400 and £600 of someone elses money payimng interest off your motgage.

Do that for 25 years...and you'll have your house paif off about 3 YEARS EARLIER

[BroadbandPlacey]

never thought of it like that zak, is it true i'll find it hard to get a mortgage if i never use credit? cos blimey, sureley the saver is the better person than the borrower type person?

is your credit rating affeced by income though?