Here are 6 things that I plan to do once I’m finished handing all of my money to credit card companies like Visa and Mastercard.
#1: Use my credit card as little as possible. Instead of looking at my newly paid-off card as free money that I can spend doing whatever I like, I am going to use it only for emergencies.
I mean it. No more frivolous spending just because I feel like it.
#2: I will keep up with payments. I’ve learned my lesson and I refuse to allow myself to miss any payments on my credit card. I know what missing payments can do to your credit. Having finally paid off my balance in full I want to move forward with a clean slate and keep it that way.
#3: I will make one small purchase. I’m going to treat myself — just one time — as a reward. And I’ll pay in cash.
#4: Watch my credit report like a hawk. I want to avoid the situation I found myself in and in order to do so I need to make sure that everything on my credit report is accurate. If it’s not, I will end up paying more in interest and in fees than necessary.
#5: Use cash for purchases. The last thing that I want to do is accrue more debt. I do not plan on getting a new credit card for quite some time, if ever.
#6: Purchase a used car. I promised myself that once I paid off my credit card debt in full, I would be able to buy a used car (rather than rely on the bus). This will enable me to travel more efficiently.