I’m in this boat too. I’m on track to pay it off completely by May but the damage is done: I clipped the card in two. I had originally used this card for emergencies and travel, but what happened is I used it to pay for a mover, and the debt has not moved much since.
If I have to travel with a debit card, I will find a way.
Looking at the debt numbers in the articles, I’m reminded of similar numbers before the 2008 crash and we are not in a place to recover if it happens again. Which it will.
That’s awesome! I am not going to get through mine that quickly, but am aiming to be credit card debt free by 2026. Just hoping the economy doesn’t tank to the point that becomes impossible for me to do.
Does cutting the card actually do anything? I’ve used my physical card maybe three times in the last year, and once was to test it. Most of my purchases are made online, and the rest are by tapping my phone to the terminal.
I’m in this boat too. I’m on track to pay it off completely by May but the damage is done: I clipped the card in two. I had originally used this card for emergencies and travel, but what happened is I used it to pay for a mover, and the debt has not moved much since.
If I have to travel with a debit card, I will find a way.
Looking at the debt numbers in the articles, I’m reminded of similar numbers before the 2008 crash and we are not in a place to recover if it happens again. Which it will.
Your unsecured revolving accounts don’t need to have such shit terms. Many credit unions are still offering sub 10% rates.
That’s awesome! I am not going to get through mine that quickly, but am aiming to be credit card debt free by 2026. Just hoping the economy doesn’t tank to the point that becomes impossible for me to do.
Clipping the card into is just about the best decision you could have possibly made. And not opening any new ones is the second best decision to make.
Does cutting the card actually do anything? I’ve used my physical card maybe three times in the last year, and once was to test it. Most of my purchases are made online, and the rest are by tapping my phone to the terminal.
Well, you’re supposed to remove it from any electronic devices first, and then cut up the physical card, so that you have no access to it at all.
Hah, true. Gotta remember the “electronic” cutting up, too.
Good on you! See if you can do it by April instead. Find the extra money however you have to so you can be free that much earlier.