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10 Years in the Making: I’m Credit Card Debt Free
August 9, 2007
Blog
6

That’s right, boys and girls. It’s another post about money.

In the fall of 1996, I received my first credit card. In the summer of 1997, I received my second. A decade later, I am now finally free of both.

Even though I haven’t used either card in over five years, the debt accumulated during those early years has followed me throughout my twenties. I was content, because I was ignorant and didn’t know any better, making the minimum payments each month. At interest rates of 20.5% and 31%, those minimum payments meant the credit card companies were able to bleed me dry in interest charges.

Last fall, I had my personal finance awakening and began trying to knock out this debt by paying double the minimum each month. In February 2007, I started my version of Dave Ramsey’s Snowball Method by tackling my highest interest rate debt first and paying only the minimum on everything else. I put every extra cent I had towards these debts. Tuesday, August 7, my last payment cleared. I am credit card debt free.

Now, it’s time to Riverdance.

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