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Jun 8, 2006    |       4 comments

Introducing…Credit Card # 7!

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I welcomed another credit card into the family. You may be wondering why I would be getting another credit card since I have so many already.

The key here was a balance transfer offer! Zero percent for one year!

I thought it was a slim chance that I would get it, but I did. And on top of that, I received a $7,500 limit. I know…I’m scratching my head too on how I was able to get another card. But, somehow I feel fate is helping me.

See, Credit Card #2 has that huge balance sitting at 13.99%. I have the ability to transfer $8,000 onto Credit Card #4. But that is the only card I can do it with. Unfortunately, the other cards with available balances are from the same “family” as Credit Card #2. And they do not allow balance transfers to similar cards.

With this new card, I now can transfer $15,500 from Credit Card #2 and have a balance of roughly $3,500 left. Now I need to decide whether to keep that balance on the card and pay it off first, or explore other means of reducing the interest rate 😉

Hopefully if Blogger is cooperative, I’ll be posting my game plan this weekend.

Jun 7, 2006    |       2 comments

My Favorite Article at the Carnival of Debt Reduction

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Gosh I hope this works – I am so frustrated right now with Blogger since I can’t seem to get into my blog when I want to and now I’m having a hard time posting. I think Blogging Away Debt needs a new home.

I didn’t participate in the Carnival of Debt Reduction this week. Last week I have been saving my energy to work my jobs this week and everything else (including this blog) has been put on the back burner.

But I am feeling better this week and I read all of the articles and I enjoyed the one at Free Money Finance about Paying Debt Versus Establishing an Emergency Fund. Free Money Finance shares my opinion and backs it better than I could 🙂

I mentioned a while back that I wasn’t going to save up an emergency fund before paying down my debt. I didn’t see the point of taking months to save it up when I am paying interest on my credit cards during that time. If an emergency arises, then I still have the cards to use if I need to.

Credit cards are not horrible, even though I have called them “evil” more than a few times in my life. They do serve a purpose and can be helpful if you use them responsibly. I hear awesome stories of people making money and earning free trips from their credit cards. They use it for everyday purchases and then pay the balance in full every month. Would I like to be one of those people someday? Yes, I would.

Key word is being responsible.

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