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Archive for June, 2008

I LOVE CCs

June 3rd, 2008 at 11:50 am

Probably one of the best things I've ever done is to not get into CC debt. While a freshman in college, I regrettably signed up for some credit cards, but luckily I never used them. I was told that I needed to use them to build credit history, and maybe I should have. But I decided it was better to live on cash and an ATM card. Once it became fashionable to use "Electronic Automatic Payments" I started using my CC for just that, while also linking my checking to my CC account: pay my bills using CC, and my CC using my checking.

And then I discovered all the cool CCs with rewards and incentives and what not. That's when I began charging EVERYTHING on my CC. This could have been a disaster, and for a while I was hovering on the equality between revolving debt and checking account balance. (It didn't help either that we supported the both of us on just $1450/mo for a year). I do not regret the fact that I started using CCs for every purchase, and it taught me how to use CCs responsible by paying off the balance in full EVERY TIME. Besides, the "rewards" are a nice bonus, and I love how there's no fuss whenever I need to get a loan or to refinance one.

My to do list:
Spend less than you make - CHECK
Have no Credit Card debt - CHECK
Have a good Credit Score - CHECK
Save for retirement - 0 saved
Pay of car - 27 months to go
Pay of home - 178 months to go
Have a savings plan - Working on it...