cutting up your credit cards is good for your soul

Wednesday, August 5, 2009

i need to get my finances in control because i've tried for years to get my credit cards down with no success.

well, maybe i haven't tried
THAT hard.

you see i'll be good for a couple of months, then decide that i need to buy a chloe bag.


or i'll be good for a couple of months, then decide i need to buy...


...four pairs of expensive shoes

...or ten dvds

...or have a mac cosmetics shopping spree

...or drink a $100 bottle of wine with dinner

...or buy twenty of my closest friends a shot - twice.

you get the idea.


it's not smart and it shows no self control. plus it's just extra stupid debt because i don't NEED any of it - it's all frivolous.

for example i wanted to buy a new summer dress for this past weekend, a cheap little sundress would have done just fine but of course i buy a $130 dress and a $110 dollar purse to go with it.

NOT necessary, as i have at least eleven other similar black dresses already in my closet.


as
michael jackson would say, "i'm gonna make a change, for once in my life".

although the jury is still out if it is, "gonna feel real good"


or "make a difference"


but i'm gonna try, "to make it right".


(it's my blog, and damnit i'm allowed to correlate michael jackson and credit card debt if i want to)

so last night i did something that i should have done years ago:




goodbye banana republic luxe card, goodbye dillard's elite rewards card, goodbye beautiful nordstrom card, goodbye usbank visa, goodbye citicard visa and goodbye capital one visa.

fact: i cried when i was done cutting them up.

they are my security blankets, but from now on it's just me and my trusty keybank debit card.


we can do it buddy, it's just you and me kid.

53 comments:

  1. Good for you! Being debt free is a wonderful feeling! You can do it!

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  2. I just paid off two of my credit cards. I thought i would be proud of myself, but actually I just have responsibility remorse. i want my money back!

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  3. It is seriously liberating. I don't charge anything anymore. It is hard, but you get used to it. Congrats, woman.

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  4. GOOD FOR YOU, Alexa. Seriously, I know that's a hard step to take. You're amazingly strong and will be better for it on the other side!

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  5. oh i would CRY..... i did that with my victoria's secret card and both of my visa's as well as my mastercard, but i still keep one around for, you know - emergencies. yea. emergencies.

    congrats, though! you're stronger than me that's for sure.

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  6. i did that once. it felt great!

    quoting Michael Jackson, that's just literary genious!

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  7. Good for you. I recently did the same thing because I've been trying for a while and just couldn't get past the splurges as well. I think the recent economy has taught us all how to live with more and that we can manage without cards. My husband, on the other hand, is a bit nervous about it.

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  8. Good for you, lady friend. I'll always keep one for emergencies/building credit purposes, but I would love the pay the other 16 off...

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  9. You can do it! And so can I!

    I hate my credit card debt.

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  10. You are a brave woman! I'm in the process of paying off my credit cards (2 down, 2 to go) but I refuse to cut them up. What if I need them?

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  11. You can do it! I've been without credit cards since 2005 and it's the best thing ever. I was kind of forced to get rid of them, but that's another story... anyway, it's SO MUCH MORE REWARDING to buy that dress or that purse knowing that once the money changes hands, it's done. It's YOURS. It's not the bank's, it won't cost more with interest, you don't owe a dime more for it.

    Good luck, and again - you can do it!

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  12. You CAN do it. I do it, just me and my debit. It takes a lot of in-the-moment sacrifice, and a lot of delayed gratification. BUT, I have never once regretted not buying something I didn’t need. Stay strong and be good. It will be tough, but you can do it.

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  13. i'm trying to pay down my last - and biggest - credit card now

    calls for a strict budget but i will be SO GLAD when i can get my own place

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  14. Congrats! It took me three years, but I'm FINALLY in control of my credit cards. Like, why did I NEED five cards? I've been making more than double minimum payments for almost a year. I paid off one last month and another will be paid off tomorrow. And so on, and so forth until I am COMPLETELY debt free mere MONTHS (not YEARS) from now!

    Well, aside from my stupid car and that student loan crap.

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  15. Congrats, girl!! You are indeed stronger than me. I have a credit card specifically for my lingerie. Not even necessary. Or affordable.

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  16. holy shit, talk about cold turkey! good job though, you'll be happy you did it in the longrun.

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  17. I keep one emergency card around myself, but my balls belonged to Visa and Discover for a long, long time...no more...
    Hopefully your tears burned the remnants of those credit cards...if not, maybe you can toss them with a nice salad in a vinegrette dressing and a nice $100 bottle of wine...hehehehe

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  18. Oh wow I am so proud of you. That had to have been hard to do, but you should feel proud for making the first step.

    I did this like 5 years ago. got rid of all my cards, got an extra job to pay it off. If was hard but in the long run so worth it.

    Keep us posted on the progress.

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  19. I feel you on this, I too should cut mine up!! Maybe that will be this weeks goal. Good luck, its a big step towards changing our spending habits!! :)

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  20. I did the same thing last year.

    Goodbye Victoria's secret and Express.

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  21. Sham on!

    Can't believe you aren't going to Who's Bad, btw.

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  22. Go you! I have seriously been thinking getting an extra job to pay off my debts. I haven't charged anything in ages but the debt is still there.

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  23. WOW!! That's a big step!! What is happening to my Lex who will settle for nothing less than the finer things in life?

    The worst is when you know your CC numbers by heart so it's super easy to order something online. I had to cut that one up and report it lost so I'd get a brand new number.

    You can join me in the world of the debit cards!

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  24. WOW!! That's a big step!! What is happening to my Lex who will settle for nothing less than the finer things in life?

    The worst is when you know your CC numbers by heart so it's super easy to order something online. I had to cut that one up and report it lost so I'd get a brand new number.

    You can join me in the world of the debit cards!

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  25. I did this recently as well. I even closed out some accounts and called to cancel! Totally worth it!

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  26. Wow -- I give you a lot of credit. . .no pun intended ;)

    xo,
    Kelly

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  27. I would cry too! But this was such a good thing for you to do. Congrats!

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  28. Good for you! I've been spending too much recently and it's making me nervous, especially since I'll be starting school again in September and only working part-time. I should follow your lead, but I don't know if I can do it . . .

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  29. Ohmygod, that's brave, you didnt even leave just one? I will possibly cry badly as well.

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  30. Good job, girl! I cut up a bunch of mine last year, but kept one. I'm kind of mad I kept the one, but oh well. I saved all the cut up pieces and decided I'm going to frame them and hang it in my house when I finally buy one!

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  31. Oh the horror! That poor Nordstrom's card. I can't bare to look.

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  32. awesome job! i have one citi card that i have a post-it stuck to that says "EMERGENCIES ONLY, YOU IDIOT!"

    it's the only way.

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  33. i only have 1 credit card, and the limit on it is.. uh.. not high. and i'm SURE that at this point i could call and have it increased 10x what it is now, but it's safer not to have the OPTION to spend all that money, you know?

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  34. Banana Republic luxe card?!? Nooooo!

    Just kidding. I just got my card upgraded to Luxe a few months ago, and I've behaved so far. And good for you for finally doing it! Hope it goes smoothly :)

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  35. ah YEAH! nice work!! i should really think about doing that as well. but i`m so scared!!

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  36. Wowzers! And good job! (But you didn't keep just one for emergencies?)

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  37. Truly inspiring....I think I may have to do the same thing. Things are getting...a bit wild in the unecessary spending department. Are you fully canceling them or can you still use the #s for online purchases?

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  38. Congrats! I need to get back in control too.

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  39. Dude, high five! You are a rock star!

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  40. it is depressing.....but youll be so much better in the long run!!

    good for you!

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  41. first off, thanks for all the support!! i think i can do it too - it's going to be one hell of a challenge that's for sure.

    but to answer the question a few of you brought up, no i didn't cancel any of the accounts - just cut up the cards - so if i have a REAL emergency i will still be able to access the accounts.

    and no i don't know the numbers by heart.. haha.

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  42. Good for you! I only have my debet card to! it's nice when there are no bills dumping in the mail every month! only phone and rent :)

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  43. WOW! Way to be so strong and committed. Good luck! (I cried a few tears for your cards as well...)

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  44. Nicely done. Good for you. I wish I had the strength to do that. I was excited cutting up just one a few months ago. The rest are out of control, too, but I've yet to succumb. I totally should.

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  45. oh wow good for you. that is impressive!

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  46. I'm right there with you. The stress of debt is awful, but just think of how free we'll feel when we get it paid off!

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  47. Oh I really need to do this...badly! I think it's like going on a diet, though..I'm just not ready to do it. I need to get that motivation.

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  48. Holy shit. I'm proud of you for stepping out and doing that!

    I sometimes want to cut up my lone credit card, but then I remember that sometimes, I need it to make it through since life is expensive. Here's to hoping I get the courage to do this sometime soon!

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  49. I seriously just did the exact same thing. We must be sending bloggin ESP. Don't you feel so alone in the world?? I do.

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  50. GOOD FOR YOU!! It will be painful, but it will be so worth it once you've got your finances in control. You will feel so much more in control of things.

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  51. Hey, everybody dumping your credit cards, also be careful when using your debit card because the overdrafts can be a killer. I found a debit card that is independent from your bank yet attaches to your current checking account that will not allow you to overdraft. It comes back "declined" if your account is underfunded. Then, if you still want the item you're considering, you can then use your bank debit card and accept "gulp" the $34.00 overdraft...so at least you get a choice before overspending. The card is at iCareCard.org.

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