NOW they're falling over themselves to "help" me - credit card companies

Lois_and_CK

I'm just reaching the end of my DFW journey, with two loans just paid off this month, and my credit card debt down to the last couple of cards and the last few thousand £, I'm nearly there.

A couple of years ago, CK and I were in serious trouble, with £30,000 of credit-card and loan debts, the credit crunch biting hard, and a freelance business going down the pan, we were close to losing our home and at the point where we were emptying the copper jar to pay for petrol to get to work (have you ever paid for £4 of petrol with 5p and 2p pieces? It's humiliating). At that point I wrote to all our creditors explaining our situation and asking for interest rates to be frozen and payments to be reduced. With the exception of one creditor (Next catalogue), they all ignored me and/or refused. Instead they hounded us by phone and by letter, and made our lives hell.

So instead, with the help of this site, a lot of nights in, and new jobs, we scraped by and did it ourselves. It's the most wonderful feeling as each credit card and loan is paid off - I can't describe it. We celebrate each one paid off with a meal out (a voucher deal of course). The horrible weight, the nights spent lying awake worrying - it's all lifted. In just a few months we'll be putting that huge amount of money we pay on debts every month into savings instead, and we'll be starting the new year as savers instead of debtors.

But now the creditors are circling again - and this time they can't wait to "help" me. As I clear a card, they want to increase my credit limit or they want to offer me 0% on balance transfers. As I finish paying off a loan, they're offering me more loans, or mortgage products. These same b*****ds who wouldn't have spat on me a couple of years ago are suddenly falling over themselves to keep this mug who made them a whole heap of money in interest.

I can't tell you how much I enjoy shredding their offers and writing to them to close my accounts

nrsql

From their point of view you are probably an abject failure now - and were so promising for a while.
How are they going to tempt you back into relying on debt? Maybe a free pen to help filly in the application form or a shiny credit card with your picture on it?

Congratulations.

backinbusiness

It's the ultimate irony isn't it - when you think you need or want credit you can't get it and once you've decided that you don't need or want it companies are throwing it at you!

Well done you though!

Lois_and_CK

Yes you're right - what a failure I am!

No wonder it's so hard to get out of debt. When you're in trouble their interest rates are sky high and the charges pile up the more missed payments you have. Then when you're nearly out of debt they tempt you with lots of lovely new credit ... come on, you know you want to ...

tony_ack

I think we need to realise that credit cards are there to help credit card companies, not the other way around. They won't get many customers of headline rates of over 30%. But if you are near your limit and pay off the minimum, they stand to make a decent profit from you by jacking the interest rates, which in turn will lead to further profits from charges when you can't afford to pay.

bill281

Well Done

Never had a dept problem... but my daughter had
Its taken me 4 yrs to get rid of it.

Now she wont have a credit card at any price.

DebtFree2012

Congratulations!!! Don't forget to sign the Roll of Honour once you get there!

I am 9 months into my journey (few false starts before that) and have been trying to get a 0% deal but they wouldn't touch me with a barge pole even though my credit score is 999 (excellent) ...so much for credit scores lol.....it's due to amount i owe obviously but totally ironic.

Well done on not being tempted to take out any more deals. That will be hard for me, though you don't seem to find it hard.

Lois_and_CK

No, I'm finding it really hard! It's just so tempting having access to credit and not spending it. We've had two really difficult points now that we're nearing the end: one at the beginning of this year when we both got new jobs within a few weeks of each other - with the pay increases we immediately felt like a huge weight had been lifted, and celebrated with several meals out, takeaways, and lots of wine. We also booked a holiday. So the extra money we were earning, for a good couple of months, went on long-missed treats and luxuries instead of towards the debts.

The second difficult point was when we finally got accepted for 0% credit cards and managed to shift all our remaining debt onto them. That - stupidly - made us feel like we were out of debt, and we relaxed the frugal budget somewhat for a while, until we realised that despite the money we were saving on interest we were paying less off our debts than before.

Both times, the only way I managed to stop our spiral again was by revisiting these debt boards. It's a constant battle to be honest!

DerryLane29

Congratulations Lois and CK,I just love hearing stories like yours,it gives me hope that within 5 years I will also be a saver too.
I know Im wishing my life away thinking this way but that 5 years will arrive soon enough.
In fact it wont be five years,as one debt clears,that saving will go on another debt and I will keep doing that until my last one is paid.
I feel so excited!!
Well done to you both,those sleepless nights and the fear of that knock on your door is horrific,even I can sleep easily now Ive got my head abround my debts instead of burying my head in the sand.

fd1972uk

Congrats, that's great what you've achieved.

Mind you I've always got a secret back-up plan for getting rid of our debt.................................. selling the wife's shoes.


FD

muffins22

I love this post!!
Well done to you!