Would you pay $400 a year to own a credit card?

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In 2002, my wife and I were in a downward spiral financially. After 28 years of marriage,we were borrowed up to our necks with credit cards, school loans for our daughters, car payments and home mortgage. And, of course, we didn’t have enough left to tithe. In October of 2002, our church sponsored FPU, which my wife signed us up for. [...]

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In 2002, my wife and I were in a downward spiral financially. After 28 years of marriage,we were borrowed up to our necks with credit cards, school loans for our daughters, car payments and home mortgage. And, of course, we didn’t have enough left to tithe. In October of 2002, our church sponsored FPU, which my wife signed us up for. [...]

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My wife and I have been married 19 years. We have lived paycheck to paycheck that entire time. We learned early on about the dangers of credit cards and we did away with those long before we heard of Dave Ramsey. We did use credit for major items, (you will always have a car payment). [...]

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My first semester of college I got my first credit card. I only used it for little things and paid the balance off each month. I did this in hopes of creating credit so that in a few years I could purchanse a house (instead of renting). Everything was going great until my car hit 120,000 miles, then a little of this and that started going bad. [...]

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So I thought I was doing a smart thing by paying my taxes last year with a zero % interest check. Even though I knew exactly what Dave has said about how bad things happen, I thought, well shoot those things happen to other people. So I paid off the IRS with a credit card check last April, and set up an auto payment, and just let it run from there. [...]

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$42,000 Credit Cards (6 cards total)
$78,000 Student Loans

Last student loan deposited today! Monthly loan amount $500; this payment $3180.90; average monthly payment for the last year $1500.
Last year I could finally see the light at the end of the tunnel and last month, wow, one more month and this thing is done! And now it is over!

Did I have friends laugh at me? Oh yeah, and these friends had money problems also! Times were tough for them, but they could some-how afford Starbucks $3-4 coffee. [...]

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John Ulzheimer, a MintLife personal finance expert, is answering questions straight from fans of the Mint.com Facebook page. Here’s what he has to say about short sales and credit scores.

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I always thought we are very responsible people since we have no credit card debt, no student loans, no car payments and no equity line of credit. The only debt is our mortgages from three properties, of which two of them are rentals. We never really considered them as “debt”, until I learned about a guy named “Dave Ramsey”. [...]

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Yesterday in Atlanta my life was changed because I attended Total Money Makeover. I’m a single Dad of 3 Teenagers/Young Adults. I called a family meeting afterwards and performed Plastic Surgery, cutting all my credit cards, including the Kay Jewelers card that is “Doghouse Prevention” for my girlfriend. [...]

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