There was a time in the late 90s when I had no credit card debt. Considering how reckless I was in college and then with the drama surrounding my Mom’s death, I was really proud of that accomplishment. Then late 2001 I got downsized and I got reckless again. Now I’m on a plan to eliminate my credit card debt in 2004. I set this goal for myself after totaling up the amount I have paid in finance charges for the last 12 months. Goodness – total highway robbery! Granted it’s not a large sum of money (heck it’s not even 1/4 of my monthly gross), but its money that I could have had in my move to Europe (yes I’m thinking about this) or buy a condo fund. I haven’t decided which it will be but I’ll be making a decision in 2004. In any event, thank goodness I have good credit. I was able to transfer the balance over to my emergency credit card that is currently offering 0% finance charge on transfer balances until December 2004. The only thing left to do is set up the payments to make sure they are automatic so I don’t loose out on this great offer. And oh yeah, to forget about that Duncan Phyfe dining room set I’ve been eyeing on Ebay.
Btw, if you’re not using Microsoft Money or Quicken to manage your money, start now. It’s amazing what you’ll learn about your spending habits once you have the information all together for analysis.