NWR: Credit Card

Original post by FallBride2010

Oct 29, 2009 01:36 PM

As you can see from yesterday's post, I am on a major finance kick lately. I decided I really need to streamline my bills etc. I have one credit card that has a balance...and it was a decent chunk of money. My min payments were high and the interest rate was insane!!

So....I took my wedding fund and paid off the credit card debt!! While I am so happy I am now debt free...I want to cry that I pretty much cut my fund in 1/2!!!

I figured this...I was paying a crazy minimum payment that I can now just put back in the wedding fund. If by chance I dont replenish my fund (which I totally should be able to do), I can always charge items right before the wedding and pay it off with wedding gifts. Of course this is not the plan, but making me feel a bit better and secure with using up my cushion!

Would you have done this?

MrsCM Posted: Oct 29, 2009 04:15 PM

Re: NWR: Credit Card

KatieG2010 Posted: Oct 29, 2009 04:21 PM

Re: NWR: Credit Card

don't charge anymore!! if you do, pay off the full amount as soon as the bills come in.

FallBride2010 Posted: Oct 29, 2009 04:37 PM

Re: NWR: Credit Card

Posted by KatieG2010

don't charge anymore!! if you do, pay off the full amount as soon as the bills come in.

Oh, i dont. I cut up all the cards. I only use one for starwood points and pay in full each month.

AngnShaun Posted: Oct 29, 2009 04:38 PM

Re: NWR: Credit Card

Posted by StellaStar13

YES, YES, YES....very smart BUT i believe its better for your score & annual rates to keep some type of constant balance on your CC's. Dont take my word for it def double check w/a financial advisor.

you are right... but with a % rate that high its not even worth it, unless its like $20 duane reade purchase once a month or something...