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well I came into some money last month, and the check cleared last week and this week I feel really good as I paid off all my Credit Card Debts.

I just got off the phone with all 4 credit card companys with the following results.

RBC Visa - Keeping, lowered the limit, and interest rate.
Mosaik BMO Master Card - Keeping, Lowered the Limit to the Minimal, and lowered the interest rate to 11.8%
Capital One Master Card - Canceled
Driver's Edge Master Card - Canceled

I feel so damn good right now knowing I am going to be saving so much without the two cards and knowing I have a $0 balance on the other two. I've gone from about $8000 in available credit to $2500.

It is so nice to pay off debt. I paid off all my credit cards before I bought my house. I kept one and cut the rest, waited 6 months and called them to cancel them.

Now I'm putting about $1000/month on the wifes card.....got maybe 4 months to go before its fully paid off. Can't wait as that will free up some nice cash every month. :D

I think I'll feel the same after I get my student loans paid off.

We've limited ourselves to one card that we can pay off outright from one month's worth of disposable income. It's handy for paying for groceries and other stuff because of the rewards points, but it can run up if you don't have an eye.

Good luck with that Frost, and I'd recommend the RBC Visa Classic II if you decide to flip that RBC Visa to another plan. 1 Rewards point for every dollar, vs. 1 point for every 2 dollars spent on a lot of other RBC cars.

NOS2Go4Me,Apr 4 2007, 01:44 PM Wrote:I think I'll feel the same after I get my student loans paid off.

We've limited ourselves to one card that we can pay off outright from one month's worth of disposable income. It's handy for paying for groceries and other stuff because of the rewards points, but it can run up if you don't have an eye.

Good luck with that Frost, and I'd recommend the RBC Visa Classic II if you decide to flip that RBC Visa to another plan. 1 Rewards point for every dollar, vs. 1 point for every 2 dollars spent on a lot of other RBC cars.
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I have the RBC Classic II Card, it was my first Card and only card way back in 01... I have about 160,000 points... or so? I have to look again. but yeah I know what you mean about not keeping an eye on it.... the interest rate increases they impose can be brutial.

I hope to know how you feel in the next year or so.

Jen and I are currently picking away at a line of credit we took out when she got back from University to pay off her school debts.

Hopefully by the time this is paid off, our paycheques should pretty much be all ours.

my credit card is adding up as i am modding the crap out of my car!

im with PC ...free groceries :)

but i think its like the same as RBC....not sure

02_svt_guy,Apr 4 2007, 02:37 PM Wrote:my credit card is adding up as i am modding the crap out of my car!
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No offence and I'm guilty of it, but that is a horrible idea. Toys should be paid with Cash. ;)

Getting the card under a $1k balance this month and plan to have it paid off before summers end.

Until its paid off the SVT suspension upgrade remains but a dream :(

NefCanuck

Flofocus,Apr 4 2007, 02:44 PM Wrote:

02_svt_guy,Apr 4 2007, 02:37 PM Wrote:my credit card is adding up as i am modding the crap out of my car!
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No offence and I'm guilty of it, but that is a horrible idea. Toys should be paid with Cash. ;)
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Agreed, Nate. I only let myself put mods and toys on the card that I can immediately cover from our account in cash. Get the points, not the interest. :)

I guess to this point in life i've been lucky as i've never had to carry a balance on my credit cards.

And as far as car mods go, if i can't pay it off by the end of the month, then its gonna wait til i can. Personally there's nothing i need for me car enough to justify paying the insane interest rates they would charge me.

Debt? whats that??

I never been in debt but I keep on my payments every month, never missed a payment, never had a past due balance either. I guess I'm doing good so far. Next will be a Line of Credit...

Congrats Frost.

I'm slowly paying down my credit card, I just don't use the card cause I've seen what kinda of trouble it can cause people. Been putting about 100 bucks a month on it and the tax return should take a big chunk of it down. then its on to paying some of the line of credit.

Those reward points seem pretty much useless to me, mostly cause I don't use the card and can't use them on anything, would like to use those points for a payment on the card its self.

ANTHONYD,Apr 4 2007, 01:24 PM Wrote:Hopefully by the time this is paid off, our paycheques should pretty much be all ours.
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Your paycheque will never be all yours. Pffffffftttt. Rookie. Here is life. If you get smart and get ahold of your finances, once you pay off one debt another comes along. In your case, I would guess that a baby is not that far along. So now that cheque of yours gets split 3 ways. Maybe a bigger house a new minvan, you get the drift. Just keep it under control and all is well.

From my personal experience and at one time being $50k in debt and working my ass off for 5 years to be $50k in the bank(so to speak), just keep plugging away at it. And good for you Frost for getting that debt done. Now dealing with that new place of yours should be next. Don't forget that.

meford4u,Apr 4 2007, 05:53 PM Wrote:good for you Frost for getting that debt done.  Now dealing with that new place of yours should be next.  Don't forget that.
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Actually the Car is the next thing to pay off. after that it might be a new car or upgrades to the car like adding leather or something else paid in cash ofcourse, but furnature is where the money will be going now.

Our credit card bill is around 3K a month, but we always pay it off an the end of the month. We put everything on it, but at the end of the month it has to be paid off. Wife is really good with that. She hates interest on cards and refuses to pay. So at the end of the months its always paid off.

Cars are both paid off, the only thing we have is the house :( and i bet there is like 23yrs of mortgage left :(

I was really bad before i met my wife, but she tought me and she has been amazing in that regards,

NikiterZTS,Apr 4 2007, 01:39 PM Wrote:im with PC ...free groceries :)

but i think its like the same as RBC....not sure
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I've been with PC for about 5 years and never bothered cashing in the points till last christmas walked into a Super Canadian Store and bought some of my wifes presents with the PC points I had, the points work on everything in the store not only groceries.

PS: Frost Congrats on getting rid of that debt I wish I could do that right now.

Laterz :)

mo_focus,Apr 4 2007, 08:54 PM Wrote:Our credit card bill is around 3K a month, but we always pay it off an the end of the month. We put everything on it, but at the end of the month it has to be paid off. Wife is really good with that. She hates interest on cards and refuses to pay. So at the end of the months its always paid off.

Cars are both paid off, the only thing we have is the house :( and i bet there is like 23yrs of mortgage left :(

I was really bad before i met my wife, but she tought me and she has been amazing in that regards,
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Heh Mo, I know how it feels with the mortgage. haha. were kind of in the same situation....But after talking to my financial advisor from Primerica, she performed a Financial needs anylysis which showed me how to pay ALL of our debt down faster while saving for the future. We have 24 years left to pay on the mortgage but she showed us how to get it paid off by 2014, and were implementing that plan now. She said that we shouldnt, were young and should enjoy some of that cash, but being mortgage free by 34 sounds good to me :) Maybe something for you to look into, Primerica does have a rep of being a 'pyramid scheme' but I have been investing with them for over 10 years now with great results. But she does try to get me out to the 'meetings' where they recruit people to sell thier products. The other services they provide, like the financial needs anylysis is a free service with them. It really does open your eyes to things.

mo_focus,Apr 4 2007, 08:54 PM Wrote:I was really bad before i met my wife, but she tought me and she has been amazing in that regards,
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Yeah, one of the reasons I like being married to an accountant. She has got my spending into shape. I made some really REALLY dumb decisions at one point, and she helped me correct them.

Actually just finished off paying my dept consolidation loan. It feels good!

Ryan

Congrats.

I usually don't carry a balance on my credit cards, but I do have a line of credit.

Not all cedit is bad. Credit cards, generally are bad, but if you have a reasonable amount of self-restraint, a sizeable line of credit can be good thing, because it saves you the hassle of visiting a bank to get a loan for unforseen circumstances.

The important thing is balance.