Want to be debt free with min. Cards
01-25-2013 08:47 PM
So I'm new here and I'm looking for some advice with minimal criticism
my fiancé and I are trying to dig ourselves out of debt that we are both responsible for and we are making an aggressive start. Let me start out by saying neither of us have lived by a budget or waited for what we wanted before we bought it. If there was a credit card they'd give us we'd take it. Barely approved for our house 8 years ago and spent every bit they approved us for. Very wasteful and foolish with money, you get the idea...
so 3 years ago I had my second back surgery and my income was cut by 1900/month and we continued living as we were. We have paid off (I even several times before we ) have paid off all of my/our debt several times with tax return, consolid. Loan etc only to go out and near max out yet again...
so now that both of us are finally grown up and serious about this journey we began the cutting of the cards...We have many separate cards as well as several joint cards, since we have proved to be irresponsible In the past we have thought to each hang on to bone card (our lowest interest,best perks card)
Looking for advice on this matter, we both have pretty rough scores (high 5s maybe low to mid 6s). We had 31 cards between the two of us and over the past six months have gone down to 24. I'm looking to be down to 12 by June and then continue to cut and close after that (the higher balance cards)
is it a bad idea to cut up this many cards and close these accounts to get rid of the temptation or is it possible to rebuild our credit each keeping the single card (for awhile all 31 cards had a balance and I was missing payments (never more than 5 days) because I couldn't even track them all. Anyway thanks ahead for input input you may be willing to share (hope I posted in the right place