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Friday, November 30, 2007

Credit Cards = Snakes. . .

I finally believe Dave Ramsey about credit cards and as of today, the Staifer Family are done with credit cards officially. I use to think that as long as you pay them off every month, they are fine. That was until looked at my statement closely today and notice "payment protector - 1.05". I then proceeded to notice this same charge dating back to FEBRUARY that amounted to 1% of my balance. I know I never signed up for it but yet it was there. While this only amounted to something like 40 dollars over the course of that time, I did earn $50 in "free" Amazon.com gift cards so at least I got a couple books for my stupid tax.

I know this is weird. If I have the money, I might as well pay it off. It's one less thing I have to worry about. I'm not going to cancel it until I get my second amazon gift card (after all I did "pay for it). Oh wait, it's going to impact my FICO score some might say. So what! Eat your heart out Chase. You are never getting our money again!

If you think I'm an idiot, watch the movie Maxed Out and see what the credit card industry is doing to the U.S. It is destroying families and lives.

Credit sucks and I've drunk the Kool-aid. . .

2 comments:

Chris said...

Yay for Ramsey! You and Lori pushed me that last inch and I finally checked out what Ramsey had to say. I ordered his books last weekend (nice sale on them!) and I've been listening to podcasts all week. Wow, I thought I was good financially, but I really have a lot of work to do, especially with what you wrote about - using them but paying them off monthly. It's still really easy to lose control, so I need to drink the kool-aid, too. I love it that he uses "baby steps," too. Lori can tell you that's one of my favorite phrases. I can't wait until I can cash-flow everything and live like no one else! Thanks for that push!

Sara Shortridge said...

Hey Staif! I just happened to remember you have a blog and was reading your old posts. When I came across this one, I just had to laugh. Luke and I came to the same conclusion (for a different reason to hate credit cards, but hating them all the same), and are now on a cash only spending plan. It has been amazing! Difficult at first, but so liberating. Just wanted to encourage you. Ramsey is tough, but so smart! Talk to you soon.
-Sara