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WOO HOOO

My credit union's credit card (which is by far my lowest percentage card so sadly will be paid off last) just raised my credit limit... so I was able to "pay off" one of the higher interest cards by balance transferring onto the lower interest.

I know technically it's not paying off a card in full (so no need to really throw a party)... but it's exciting to have one less card payment AND, a big chunk at a significantly lower rate (we are talking like 20% difference!)
 

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Before my husband went back to school, we paid off all of our credit cards; and did it exactly the same way. We did a lot of reasearch and found a credit card that had 0% interest on transferred balances . . . and got everything paid off a lot quicker. Keep it up, it will feel so good when the credit card debt is gone.
 

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I paid off some credit cards that way a few years ago, Lindsay. Smartest move I ever made! I *heart* my credit union! :)

(And don't close those 0 balance accounts!)
 

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Just don't close out that card that has no balance.
Starting in February, the credit card companies will probably take care of that themselves, assuming the predictions are right. My credit score is going to take a hit if they close the one I have with a big limit and 0 balance (and haven't used in several years now).
 

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Starting in February, the credit card companies will probably take care of that themselves, assuming the predictions are right. My credit score is going to take a hit if they close the one I have with a big limit and 0 balance (and haven't used in several years now).
Can they close your 0 balance account even if you pay the annual fee that keeps it open? I really don't feel like googling this one.
 

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Can they close your 0 balance account even if you pay the annual fee that keeps it open? I really don't feel like googling this one.
I don't know, I'd imagine it would say in the agreement. I doubt they would because you're paying the fee, so they'll get their money. The accounts they'll go after are the ones that have no annual fee, and you don't use.

But that's another thing the gurus are predicting, the reappearance of annual fees. Who knows, maybe nothing will change, but it's something to plan for.
 

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I don't know, I'd imagine it would say in the agreement. I doubt they would because you're paying the fee, so they'll get their money. The accounts they'll go after are the ones that have no annual fee, and you don't use.

But that's another thing the gurus are predicting, the reappearance of annual fees. Who knows, maybe nothing will change, but it's something to plan for.
Actually Discover threatened to do this because I had a zero balance, large limit and was not using it - but they never did.
 

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Good for you!

I had run up $8000.00 on a Visa Card several years ago. I pay on time and make big chunky payments (never pay the minimum). But I just could not pay the thing down. Called them to get the ridiculous 21% interest rate down. They could only do 16% after haranging with several "managers" over the phone.

I promptly wrote a check on my home equity line, paid the **** VISA card off. My home equity line is currently at 3.2%. That's a huge difference in rates.

I no longer use credit cards. I have them, but don't use them. In the past two years I've become a cash only gal. If I can't afford it, I don't buy it, period.

Still have 15,000 in debt on the equity line (most all of that is for home improvement stuff, like new roof, etc). That is the only debt I have and I want it gone too.

Keep chugging away... you'll get it all paid for soon!
 

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One of the happiest days of my life was the day I paid off my credit cards and my student loan on the same day. We got a $500 bonus at work so I was able to get rid of both.

Keep up the good work....the lower interest rate will help a lot.
 
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