I dropped my credit card into my lock box this morning.
About 10 years ago, while in college, getting my own credit card seemed like a good thing. I'd build some credit, and I wouldn't have to worry about always having cash for big purchases like books. For the first few years I was good, paying off my balance every month.
By senior year, I had depleted most of my savings and the credit card became my friend. I have never had an outrageous debt, just persistent. I'm tired of it. So after hashing all this out with a trusted advisor, he suggested putting the card away and pulling it out only for vacations.
"But I don't use it that much," I protested.
"Now, what was your goal again? Oh, 'reduce credit card dependence,'" he said. "Put the credit card in the lock box."
Well, I couldn't argue with that logic. Today I'll embark on my cedit card moratorium for at least the next month to see how this goes.
If any of you have suggestions about ways you reduced your debt, I'd love to hear it.