closing down credit accounts

savingcaz

Did anyone else feel terrified but exicted at closing down the credit accoutns?

I called round all the places i had avaliable credit on monday and closed the accounts in a bid to make sure we don't used the vast amount of credit we had avalible. They were offering me all sorts to keep my account open, and once i'd shut them i was thinking, gosh we really are bearing all! Nothing to fall back on, we are really going find it hard for 12 months but then we will be almost debt free.

We've gone for the every spare penny is going on clearing the debt approach, we were paying £400 just in interest on credit cards, our min payments were £444 so for 12 months we've been paying £44 of 6 cards it's stupid. My Husbands parents have said they will help us and are going to be paying a lot of our debt of for us in the intermediate case. then as the min payments reduce and we can afford to pay more, they will reduce their payments.

cancelling all our other bits of credit scares me, we have a baby, closing the next account was the scary even though i don't use it often i worry about what if... i've had the security blanket that has been smoothering us but it feels scary to not have it?

does it make sense? I'm glad i've doen it, can't wait to be without the debt but it is very scary!

Savingcaz

BeautyandtheBeast_3

That is a brave step - i will keep 1 CC after all debt has been made off and that is only for use in absolute emergencies but fingers crossed i wont need it. It is scary when the safety blankets are gone tho! xx