Forbes is reporting that as of March 2012, the average U.S. credit card debt is $6,772. A quick check with both bank and credit card company yesterday revealed that we are not in the above number. My family has just said good riddance to our credit cards and I couldn't be more relieved.
It's not time to break open the champagne just yet. We still have bucket loads of household debt to get rid of. The car engine needs to be replaced, medical bills have to be paid and then there are those pesky student loans to deal with. When we get the car fixed, then we'll celebrate.
I'll snowball the payment in May and move it over to the repair bill. An empty credit card is almost like having someone give you that amount of money. There's a pretty strong temptation to go out and charge it up again. I can use the funds to pay part of the engine. We paid it off once and can do it again, right?
Wrong!
That line of thinking puts us back to again being held hostage by high interest rates. To hold temptation at bay, I'm cut cutting up the credit card and reciting "I will not overspend" over and over until the impulse to spend passes away.
Now where did I put those scissors?
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