Thursday, December 3, 2009

A Lesson Learned

My financial situation hit bottom earlier last year, where credit cards were eating up a junk of my money every month. The more I was able to pay, the higher the balance got! I felt as if I was feeding a bottomless well, and it didn't make any differences whether I fed it or not.

Looking for a way to improve my situation, I enlisted the help of credit counseling to see if there was anything I could do to bring down the charges. After my session, I headed over to the debt consolidation services to bail me out of my predicament.

With the debt consolidation underway, I learned to track my spending, my income, put aside money for emergencies, making long term/short term projects, and managing my budget. Although I had always did all of these planning before, I never looked at my statements to make sure everything was correct. I trusted my creditors to bill me and to do the right things.

It was a good lesson learned to look over every charges on my statements, and to call for dispute right away if something was suspicious or not right. I am now carried no credit cards! If I want to buy something and I don't have the cash for it, then so be it! It feels good to be free from these plastic cards.

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  1. Icy, I have been this way for years. I only use my debit card which basically just debits my checking account when I use it to buy something. To be free of credit cards is a very big relief.

  2. Credit card companies are legalized loan sharks!

  3. Thanks for the information, Icy. I have never had that problem because I don't have a credit card, but I know what to do if I'm ever in that situation.

  4. me and husband had to finance house renovation for his family so only recently we were able to finish off our debts, it really took a toll on us but now we're steering clear credits


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