The moment is finally here! The last payment towards my credit card debt has been sent and the balance is right where I like it: $0.00! That’s a far cry from the original $1650.00 that I owed, let me tell you.
I don’t even know what to say. This has been a tremendous experience. I’ve learned about budgeting, focus, determination, sacrifice, and responsibility during this project. I’ve learned a lot about myself, about the things that really matter to me, and the best ways to go about decluttering little areas of my life that needed to be downsized and restructured. I also learned how to handle the frustration that comes with tackling a project such as this, when the finish line seems so far away.
I knew going into this project that it wasn’t going to be easy. I was taking on a big hurdle in a very short amount of time with no safety net to speak of.
It’s surreal… wanting something so badly, having to slowly and painfully work towards attaining it, and then crossing that finish line in one quick step. I feel so many things today–accomplished, relieved, and content. Now I can focus all of my energy on other financial goals: emergency savings, investing opportunities, owning a home, and a retirement fund further down the road. More importantly, I can finally start putting into practice what I’ve learned in the past six months. I cannot wait to start.
Congratulations! That is a huge accomplishment. This question is only semi-related, and you certainly don’t have to answer, but what has been your personal experience with deciding which/what kind of credit card to have?
From my experience, the best card to have is one with a very low interest and no annual fee. The simpler the better, I feel. There are a variety of credit cards out there–cash backs, reward points, miles, etc. and a lot of people make a case for them, especially the Cash Back cards, but honestly? It’s not worth it. To receive most of those cash back points you need to consistently spend a certain amount and I know I never will come close so I haven’t even tried looking into them.
It’s also important to avoid getting close to your credit card limit, as it brings down your overall credit score. If your credit card limit is $1000, it’s best to have less than $200 sitting as a balance.
If you’re really interested in comparing them, CardRatings.com will help. But I warn you, there’s a lot of crap to wade through.