Taking Control of My Finances: The Journey of Cutting Up My First Credit Card

In a personal milestone, today marks the significant step of finally cutting up my credit card—a tangible reminder of how far I’ve come in my financial journey.

Back in 2017-2018, I chose to open this secured credit card during my college years with the intention of building a solid credit history. It served as a budgeting tool, as I diligently paid off the balance every month. However, as life unfolded with unexpected challenges like the pandemic, unemployment, and school, my financial discipline wavered. The card, which once was a tool for managing my money, became a source of unwanted debt and accompanying regret.

For some time, I struggled with overspending and buyer’s remorse, but recently, I adopted a stringent budget and committed to turning things around. This involved cutting unnecessary subscriptions, selling items on Facebook Marketplace and Mercari for extra cash, and meticulously planning meals to save on food expenses. To prevent lifestyle comparisons, I also made the conscious decision to delete Instagram, which has significantly helped in avoiding the urge to keep up with others.

Initially, the card had a credit limit of $600 and an interest rate of 6%, thanks to the Servicemembers Civil Relief Act (SCRA). The plan now is to maintain a single small monthly subscription, set on autopay, to keep the account active for the sake of my credit history.

Today signifies a major leap in achieving financial freedom as I physically cut up my credit card and removed it from any online payment systems. With one step successfully completed, I now set my sights on tackling the next financial challenge: clearing a $4,000 balance on another credit card by the end of 2024, also with a 6% interest rate.

As I continue this journey, I am motivated by the progress made and eager for what lies ahead. Here’s to responsibly mastering my finances and moving confidently towards a debt-free future!