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Credit Card Debt

By on May 25, 2010 in Credit Card Debt | 0 comments

I hate credit card debt. I hate it with a passion. It is basically highway robbery. I’ve never been in credit card debt for the 10 years or so that I’ve owned credit cards. I got in some business with people I shouldn’t have fully trusted and ended up in credit card debt of about $10,000. It really shouldn’t have gotten that bad and I blame myself. This was less than a year ago, I would say about 9 months ago. Here are some lessons I have learned from this experience: Business and emotion don’t mix. Do NOT let emotion get in the way of business. Keep it in check. Business is business. Pay yourself first. I got involved in business with a friend. They say to not mix business with pleasure. It still can be done, but remember to get paid first. I thought that my friend would be good with the money and have no issues with paying me. Then he was involved in a lawsuit and hasn’t paid me the full amount owed to me. Make sure you get your payment in full before continuing into the next project. Maintain good credit. Luckily I was able to transfer my balances into a 0% APR credit card — all because of my good credit. Albeit, I still had to pay the transaction fee of a hundred dollars or so, but the money I saved from the interest alone was worth it. Keep your credit up to par and check your credit report for free annually. Right now I have chipped away at that debt and it is currently at $3,300. I scheduled a payment tomorrow for $1,000 so by the end of this week it will be down to $2,300. I plan on paying the rest of the balance by July even though the 0% APR is until October. I really just want to aggressively pay it down so my money can go into saving and earning...