Friday, November 6, 2009

I Did It! No More Credit Cards!!

I'm feeling light-headed. I'm feeling faint. My heart is racing. Am I having a panic attack? I'm not sure.
Today I paid off my last credit card. I had paid of this card last month but rung up a couple of purchases on it this month so had a small balance on it which I paid off today. Then I called the company and told them I wanted to cancel it.
I talked to one person who couldn't believe I would want to do such a thing. "Don't you need it for emergencies?" "No, I have cash for emergencies." "Uh...let me send you to a supervisor."

Me to supervisor: "I would like to cancel my credit card."
Supervisor: "Don't you want to keep it for emergencies?"
Me: "I have cash for emergencies."
Supervisor: "You have cash set aside for emergencies??" She sounded surprised.
Me: "Yep. I don't want any more credit cards and this is the last one I have to cancel."
Supervisor: "Oh" Then a long pause.
Supervisor: "Can I add 10,000 air miles to your account so that you will keep the card?"
Me: (tempted) "Uh no. I am finished with credit cards, please cancel it."

So I did get the card canceled but it seemed like a traumatic transaction for both me and the supervisor. I have never been without a credit card since the day I turned 18 years old and I am now in my 40s. I feel like I have been on crutches for so long that even though I can walk fine and don't need crutches anymore, someone yanked the crutches away from me and I am left standing there feeling like I don't know what to do. Breathing deeply would be a good start, I guess.
In theory, I am literally better off without the card than I was with the credit card. Before I would say I need a credit card for emergencies however I would keep the balance near the limit so the actual money I had on the card to use for an emergency was often less than $100. Now I have $1,200 in my emergency fund IN CASH that I can rely on in an emergency. Obviously I am now much more prepared for a financial emergency than I have ever been. I just takes some getting used to though.

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