Saturday, August 14, 2010

So, this is totally not working for me

Using my CC for purchases I have the money for.

1)  I just didn't like the feeling of using it at all. 

2)  I can see where it can get out of control.  No damage done yet, but decided that the risk is too great.

3)  I will lose track of purchases....I did yesterday.  Again, no damage done....but I am not going to let it.

Additionally note about all of this .....

I checked the statement, and even though I paid the 10k balance, I was still left with $73 in interest!!  I didn't account for this at all.  So with my yesterday purchases (again....I have the cash for all of them) and the interest, I am up to almost $200 on this card.  NO!!!!!

So I will pay the charges, and before the next billing cycle ends (sept 13), I will pay off the interest.  But this interest just gets me....I don't understand how people don't pay interest when they pay off their bill.  I still got charged interest.  Unless this is just for new purchases, and I am still paying the penalty for previous indiscretions.

I am still going to use the card for specific LARGE one I am making on Wednesday.  But that is it.  No day to day purchases, even if I have the cash.  One day doing this has taught me that I am not responsible enough yet. 

I promised you I would be honest with you.  And this one gets a C+/D- in the implementation category. 


  1. Hi Mysti - that interest thing is a bugger. I will keep that in mind when I get closer to paying off my cards (one by one). I think the smart thing would be to call them ahead of time.

  2. Ugh, the interest thing SUCKS! Most people I've talked to have the same experience with paying off a student loan. They pay off the full amount, and then have to pay a couple dollars in interest between the time they schedule the payment and the time the payment posts. I haven't had that experience since I call and make loan payoffs on the phone, so hopefully I can avoid that.

    Don't beat yourself up over not feeling responsible enough to use your card. I know from past experience that I've been irresponsible with credit cards. Because of those experiences - even though I've gotten control of all of my financial stuff - I cannot allow myself to use a card. My mind associates all credit card usage with getting in over my head, avoiding creditors calls most of the day and feeling like a total failure.

    Your three points are all valid reasons to avoid credit cards, but especially if you don't feel confident with it yet, it's probably not time to try.

  3. Good for you - I am super proud of you that you were able to control yourself & know that you aren't ready yet... that is HUGE!

  4. @Rhitter - if I was smart, I would have found out the pay off amount. Chalk that one up to experience.

    @Red - I don't feel "too" bad about this one. It was a calculated experiment, and it didn't work. Like I said...certain purchases I will be fine. But everyday, just to bulk up the points....nope.

    @jpkittie - I am just glad that I figured it out sooner than later!

  5. At least you know! Like Jpkittie said, being able to control yourself and knowing you're not ready is huge.

    And learning about pay off amounts is important too-- next time you will know.

    Keep up the good work!

  6. Go girl, go! Great choices! Great inspiration for the rest of us!

    I noticed on one of our credit cards, they changed the terms and no longer offer a grace period on purchases before they charge interest... instead, the interest starts racking up the minute you swipe the card! Thankfully, I cut that card up long ago and am still paying it off, but the old balance doesn't follow those rules!

    Credit card companies are just plain horrible... no other way around it!

    Keep up the great choices!

  7. @Nicole- I have no idea why I didn't think about the pay off....I know about it for student loans and mortgage. DUH.

    @ Carazy Mom - I tried, but hey.....not every plan works out. I will have to check about the grace period on this card. I was more focused on the points!!