Oh, hello! Help yourself to coffee.
Last May, I shredded my credit cards. I still have balances, but I now have no plastic. Well, other than my debit card. Yay for me, but OMG, do you have any idea how difficult it is to live these days with no credit card?
Why did I do that? It really had become not a choice, but a necessity. For the past several years before I took this drastic step, I had come to rely on my plastic in a really irresponsible way. In fact, I was living well beyond my means and had felt myself sinking and sinking. It got scary. So, now, almost a year later, I am sucking it up, buying only what I can pay for out of my checking account, and paying down my debt.
Looking back, I think I have been a “spender” for as long as I can remember. I am definitely not a saver. I wish I was, but I like pretty things and shopping used to make me feel better. I’m sure I could come up with some deep psychological explanation about my childhood, and blaming my parents, and the mailman, but guess what? It’s my fault. I can’t blame anyone but myself for being in the situation I now find myself. I wanted to have the nice stuff and all the clothes and blah blah blah. I’m sure it made me feel better to have people comment on the nice bag or blouse or shoes.
So finally, in May 2009, after I hit a fabulous sale at Cole-Haan for my birthday – I got a $400 purse for $59! (I love coupons!) – I went home, plugged in my shredder, and bzzzzzzzzzzzz, my cards were gone. I was sad and scared and excited and freaked all at the same time. What do I do now?? Again, I needed to suck it up and grow up.
So that is what I have done. I called the credit card companies, told them to close my accounts, negotiated a lower rate, and have picked away at the balances. A few have been paid off already. (YAY!) A few will take longer. Either way, my goal is to be debt free by this time next year.
How am I doing that? I am selling my stuff. On eBay. On Amazon. To anyone who wants to buy it. No, I’m not getting nearly what I paid for it, but selling stuff is doing a few things for me. It is bringing in some money, while at the same time, thinning out all the “stuff” I have in my house. As much as I would like to think otherwise, I was a really materialistic person before. ( I say before, because now, I can’t buy anything! hee hee). Some of the stuff I have let go has made me sad to part with. Some of it had really good memories or a story attached to it. Other stuff? Seeya! Good riddance. What the heck was I thinking.
Would I change something if I had to do it again? Would I do it again? Of course, hindsight what it is, I wouldn’t have gotten myself into this situation to begin with. But, yes, I’m glad I shredded my cards. I find myself thinking about each purchase now – is this something I *need* or want? Is it something I absolutely love? Will it improve my life? Will it be something I will have/use/love 3- or 6- or 12-months from now? This sort of screening process has really cut down on impulse shopping. I can actually go into Target now without coming out with bags full of stuff that I “had to have”. I get what I need, and move on. It’s nice.
What would I change? I would actually keep one card, for emergencies. Or travel. Recently, my job responsibilities have changed and I need to travel and that involved booking plane tickets and hotel rooms. One would think that the Gas ‘n Sip would give corporate cards for those who need to travel, but that’s not the case. We have to use our own, then get reimbursed. And, while it may not be an issue for some, I don’t typically keep $1,000+ in my checking account on the off-chance that I might need to go somewhere. It has made for a couple of awkward phone calls. So I wish I had kept 1 card for that type of thing. But otherwise? It’s nice to not dread checking the mail. Or to leave a store and think “Well, okay, how am I going to pay for that when the bill comes??”
Growing up is hard! Oh, and by the way. The purse I bought myself at Cole-Haan last year? I still have it, still use it, still love it. It’s been the only one I have used, mostly, for almost a year. So that was a great $59 I spent! \o/
MagAndMoo's Blog 
Mo
I feel your pain. I got in over my head a little bit a few years ago and although I didn’t cut up all of the cards, I did lock the two I did keep in the safe. When I started cleaning and organizing the house I realized just how much stuff I have—and don’t need. Now I apply the same questions to almost every purchase: Do I need it? Do I love it? Will I really use/wear it.
Sigh. It sucks sometimes…!
magandmoo
You definitely had more discipline than I. I found that even though I had put my credit cards into a jar of water and frozen it, or given them to my brother to “hold” onto them, I found a way to still use them. Shredding them and closing the accounts was the only way I could stop myself. I’ll tell you though – I have learned the lesson.