I submitted my final payment for credit card number four today! I am ecstatic that I now own the computer that I use to write this blog.
Originally I purchased the computer on credit with the intention of paying it off before any interest was due. You all know what I am talking about; the No Interest, No Payments until such and such a date scam. Everyone falls for it at some time in their life. For some people, it really isn’t a scam and most people have the intention of paying it off before the due date. Unfortunately, many people don’t and then get hit with the accumulated interest. The retailers count on that which is why this scam is so profitable.
I have done this a few times and actually paid the bill in full before the interest came due, but this time I failed to meet the deadline and paid at least $200+ more for this computer. Never again!
This leaves me with two credit cards left, my next focus is on Credit Card Number 1. Not only is it the smaller of the two, but actually has the
lower higher interest rate. My 401k loans have the lowest and are taken directly out of my check with reasonable end dates, so I am not concerned with paying more money on those two right now. In fact, I should be celebrating in November when the smaller 401k loan is paid off.
Then I’ll own the new roof on the house I no longer live in!