I'm back for the 3rd time
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I'm back for the 3rd time
| Sat, 04-01-2006 - 3:29pm |
I was here once a few lives back, almost got myself out of debt and then it started again.
| Sat, 04-01-2006 - 3:29pm |
I was here once a few lives back, almost got myself out of debt and then it started again.
Megan
Hello,
I understand that you feel the credit cards are necessary for "emergency flights" out of the country. However, have you considered saving up enough money for "emergencies" and then putting it into a savings account, so that you have it available when you'll need it? You could transfer it back to your bank account and then use your debit card for purchases (or carry some cash) while you travel.
Currently, while paying off our credit card debt, the first thing I did was set aside $1000 for an emergency fund. This kept me from adding to the credit card charges when unexpected expenses came up. Once I've paid off the credit cards, I'm going to fully fill up an emergency fund that will hold 6 months of expenses. If you do the same, you'll never have to worry about that "last minute plane ticket" expense needing to go on a credit card.
If you know that the situation might come up, you could try planning ahead for it, so that you won't have to rely on a credit card to get you through it. Once we have 6 months of expenses saved up, I doubt that there would be any emergencies that I would need to charge on a credit card. If the emergency fund couldn't cover it, then we would set up a payment plan or save up for the expense.
I know it's hard to let go of the credit cards. They are so *easy* to use in an "emergency mode", but there are other options that would keep you from creating debt.
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
welcome back. i do remember you. good luck in your endeavor.
MYM
Becky
CL of 4th, 5th & 6th grade Scoliosis
What are you currently doing to plan for retirement?