More than 12 years later

[Bloodyaussie]

Wow more than 12 years later and struggling to get it under control from 10 years ago we have $65.14 to pay on our credit card.....

Evil f$#king things... we have have not used a credit car for nearly 10 years and have managed to get by.... in a short 2-3 year period I went silly with one and it is only now that it is coming to an end.....

This will be one bitter sweet last payment.

[NissanGQ4.2]

Evil things alright!

When I was single and drank and gambled my pays away, I ventured 2 the dark side and got myself one, was always paying it off and putting more on it, increasing the limit and putting more on it.

After things got serious with my current partner, she made me pay it off and then made me cut the card up in front of her. Have not had one since.........9 odd years later happy days :) Only have a debit card now, so if the money is not there I don't get.

Pay it off mate and cut it up / cancel it, best thing u will ever do

[lucus30]

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

Sent from my D6653 using Tapatalk

[Bloodyaussie]

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

Sent from my D6653 using Tapatalk

Who is paying you....... stone him !!!!!!!!!


I too have a debit card only connected to my mortgage and it has worked well for us... if we dont have it we dont spend it.

[threedogs]

I fell into it years ago when Bankcard came out I blew up my motor bike and needed a motor.
Easy as gave them a bit of plastic they gave me a motor, happy days ,OOHHH and then you have to pay it off
after that Ive never had one and never will, I prefer to save for something but hey thats just me. lol

[lucus30]

Who is paying you....... stone him !!!!!!!!!


I too have a debit card only connected to my mortgage and it has worked well for us... if we dont have it we dont spend it.

Nobody, just horses for courses. Trust me the banks don't like people like me. They don't make any money off my credit card

[Hodge]

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.
I don't trust my self with one, so everytime we got given one, through a home loan or something, they get cut up instantly.

[Winnie]

Well done mate, must feel great with one less debt

[mudski]

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

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[Clunk]

good onya BA, something that I'm working on meself

[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

Sent from my D6653 using Tapatalk

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.

[Rock Trol]

The golden rule of credit cars.

A credit card should be used for convenience not credit.

Good to see you getting on top of your finances.

Absolutely. They make life more convenient as long as you are disciplined and have the cash behind you when you need to pay it off. Otherwise they re a trap.
Debit cards are good though as you get the convenience without the risk.