I cancelled our Citi Professional card since it was a business credit card and my credit line was only $2700. I applied for the the Citi Forward Visa card and got a $7,000 credit line. I also received $100 dollar gift card for applying and signing up for electronic statements. My other Citi card, PremierPass is still open. I plan to keep this account open with a $0 balance since my limit on that account is $29,000.
The bad news about Citi Forward is that we been charging things, the balance is over 3500!!
As summer comes to a close and we spend less, my goal once again is to reduce debt. I'm hoping to pay at at least $1,500 this month to the Citi Forward card. Hopefully I can have this balance at $0 in a couple of months.
I also charged $150 on my Best Buy credit card and the wife charged around $200 on her Macy's. I need to pay this down before the fall, I might take that money out of savings, haven't decided yet.
I swear, every time I'm out of credit card debt I find myself right back in to credit card debt! maybe I need to listen to Dave Ramsey and read his book again.
HS
8 comments:
Hi,
Thanks for stopping by my blog and leaving a comment. I know the gratification thing is hard. I will be talking about that some more next week.
All the best,
Janie
Or maybe if you *cancelled* them, you wouldn't have this problem. Plus, you'd earn credibility with your skeptical blog readers. ;)
I know how easy it is to go back to using your card, but you will never break the cycle if you don't STOP using them. I am guessing your Best Buy and Macy's purchases were Wants, not Needs.
Dave Ramsey is the man!
Listen to one segment of his Financial Peace University each night before you go to bed.
My wife and I do that and it really helps us stay on track.
You can do it, but you've got to cut up your cards and only use your debit card to make purchases!
GL!
I agree-cancel the cards!
I'm confused about why you opened up another credit card.
I kept my credit cards after digging out of debt because I could pay them off each month. If you are spending money you don't have, you have to cut those cards up! Some people can change and become responsible cc users, others can't. No shame in that, but it does mean you can't have the temptation of those cards!
The best way to help you pay off your debt quickly is to first stop using the card. Do not use the credit card to pay for anything. The more you use the card the more debt you collect which will make it harder to pay off in the long run.
thanks for the comment on my blog. somehow you read the cat blog, though, and not my money-saving blog. cat blogging = old hobby. saving money = new hobby! seems like you & the wife are really struggling with the "keeping up with the joneses" mentality. i know it's a hard cycle to break (been there myself!), but it's so very much worth breaking.
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