monkey off my back

I am so happy to say that we recently finished paying off our credit card debt. It took us three and a half years to pay it off. It's such a huge relief to have it over with. We worked with a non profit, debt consilidation company called Consumer Credit Counseling Services. They go over your budget with you to determine what you can pay. Then they negotiate with the credit card companys to get the lowest interest rate on all your cards. Every month they draw one payment out of your bank account and make the payments for you for a low montly fee. While working with them you have to promise not to apply for or use credit cards.

Debt consilidation has been a really positive experience for me. It's taught me how to live within a budget. It changed my relationship to buying things and gave me a more realistic outlook on the whole consumer experience. I used to buy a lot of stuff that I really didn't need. It also made me realize how outrageous credit card interest is. It inspired me to learn more about financial issues and to pay closer attention when Suze Orman is on Oprah. And, the best thing is that it raised my credit score! The higher your credit score is, the better interest rate you get when you buy a car or a house or apply for a credit card.

I don't know if I will ever use personal credit cards again. I don't trust myself not to justify spending a little here and there. There were quite a few justified sushi meals in that lump sum. But, on the other hand, there were also some amazing things that we would never have been able to do either - like our wedding in Greece!

I really debated whether or not to blog about such a personal thing. Debt consolidation was recommended to me by a good friend so I feel obliged to pay it forward.