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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: I would like to thank the entire board... Date:  6/18/2002  3:38 PM
Author:  wildwoman1 Number:  131029 of 312189

Mazel tov! Breaking any bad habit is very hard.

I was in credit card hell (well purgatory anyway) for awhile after my divorce. Now I pay my balances in full every month and it feels WONDERFUL!

Here is a technique I use to help:

Say I charge something on my Mastercard (ie, fabulous red shoes $50). I sit down and write a check for $50 to the credit card company. On the memo line I write "Fab Red Shoes, 6/18/02". Then I put said check into an envleope marked CREDIT CARD CHARGES. When the bill shows up at the end of the month, I have most of the $$ put away already (1 or 2 small items usually get away from me each month).

If my balance in the check book gets below zero, I write it in red, which alerts me that I am now officially Spending Beyond My Means.
(I don't do the red # thing in the Joint checking account, because I share that with a CPA. They get dispeptic when they see red numbers).

In any case I find that to be a useful technique.

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