More than 12 years later

[jay see]

Mate, keep up the payments that your doing on the card, but do it for your mortgage. If you've gone that long without the cash in your hand you can put it in a better place. You'll be surprised how quickly extra repayments reduce your loan.

X2 on the debit cards. No cash, no impulse buying

[jay see]

If you are disciplined they are fine. I use mine and pay it in full every month. Means I then can have that money sitting on my mortgage saving me interest

No annual fee
Never pay interest

Also get free travel insurance and no international exchange costs

So for me it works, though I can see the trap

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I use to have something similar. Then the wife and kids showed up....

[Cuppa]

Mate, keep up the payments that your doing on the card, but do it for your mortgage. If you've gone that long without the cash in your hand you can put it in a better place. You'll be surprised how quickly extra repayments reduce your loan.

Excellent advice.
Back in the late 80’s/early 90’s mortage interest rates had risen to something crazy like 17% or 18%. We struggled to pay it with both of us working fulltime, but scraped by. When interest rates eventually dropped back to more sustainable levels, we continued to pay what we had become accustomed to paying. It was quite gobsmacking how much difference it made to our equity in the house within just a few years.

[Cuppa]

Well done Johno. They are a bottomless pit them things... You're one of the lucky determined people who managed to climb out of one. Banks thrive on people who just dig them selves deeper and deeper.

Yeah well done BA, it’s been a long time & must have taken a lot of determination.

I learned about credit with ‘hire purchase’. Bought a 250 motorcycle Cost with the HP was close to 50% more than shop price. 9 months later the law changed (in the UK) restricting learners to 125’s & the bottom fell out of the 250 market. Got my full licence quick smart, sold the 250 for a song & spent the next two years paying off my debt. Thankfully the MrsTea to be (we still weren’t married then) showed her true colours & emptied her savings account to buy me a 4 year old 750 T140V Bonnie. (How could I not marry a woman like that?)

[Chris79]

Wow man, must have run up some numbers on that bad boy.

Congratulations on finally seeing the back of it.

[Bloodyaussie]

What made it possible was CUA had a deal going where if you transferred your debt to one of their credit cards and as long as you did not use it at all the interest was set at 2.9% for the life of the loan.... unlike others that had a honey moon period.

We would still be paying the thing off otherwise....

I think I will ring CUA today and confirm what is the final amount owing to be able to close off this card for good as I know they can stuff you about with things like this.

[Throbbinhood]

I know the feeling mate, had to do a debt relief type thing 6 years back. Best decision I made. Eight months to go and I'll be clear of it. God that will be a good day.

[Bloodyaussie]

Awesome stuff mate. Just imagine if that final amount was the mortgage.

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Missed this Mark..... yes i'd shoot myself.

Crazy how some people rack up $100,000 on a bloody credit card..

[Winnie]

Missed this Mark..... yes i'd shoot myself.

Crazy how some people rack up $100,000 on a bloody credit card..

Yes like my Dad's idiot partner... not quite that bad but still outrageous.
Maybe he's the idiot for keeping her.

[Family4x4]

The golden rule of credit cards.

A credit card should be used for convenience not credit.

Good to see you getting on top of your finances.