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I was in a very good place. My credit score was nearly 800. My credit cards were well below maximum. Yes, I bought things I did not need, but well within my means. It was the good life.

Fast forward several decades later with a reduced income. I wonder what in the world happened. It was a slow wade into murky waters. I typically carried a small debt on my credit cards. Likewise, I always paid more than the suggested minimum payment. Likewise, several other credit cards had a zero balance. Not true for my favorite three which were beginning to bulge. After a couple of missed payments due to distractions, I saw my credit score take a deep dive that would take nearly a year to recover from. Fluctuating interest rates did not help. Even the lenders did not offer much help. Yes, they were willing to provide a balance transfer to a lower interest rate, but it came with an expiration date. In other words, any remaining balance when the credit period ended, it would be assigned an incredible higher rate than before. I was gullible to accept the offer when I had no real plan to zero out my debt. After a couple of rounds pursuing this strategy, I was trapped in the cycle that I was determined to never fall into. Is this your story?

To rescue myself out of this hole, many companies have offered to help. Clearly, the banks were not willing to lower my interest rates or raise my maximum credit to provide some relief. I was merely treading water by this time. Other financial companies were willing to consolidate my debt into one lower cost payback plan. Others offered to collect a monthly amount in a type of escrow while negotiating a significant debt reduction with each lender. This strategy meant, stop using all my credit cards and stop making all my credit card payments. It meant weathering threatening contacts by the creditors. It meant forwarding all related correspondences to the debt reduction company. Of course, my credit score tanked as I was told it would. Nonetheless, this current strategy best fits my personal financial situation. To date, I am on path to pay off the renegotiated debt amount (50% reduction) for one of the three credit cards. In a couple of months, it will be at a zero balance. As the debt reduction company continues to negotiate on my behalf, I hope the other credit card debts will have a similar outcome.

I am sharing this article with you in hopes it will help you. I accept full accountability for my current plight. Key lesson learned: Buy OWYCA - Only What You Can Afford. Don’t carry balances on credit cards. Only purchase what you can actually pay for each month, except for dire emergencies. Be intentional in carry zero balances on your credit cards. If I had followed that strategy, I would likely have $800-$1,200 extra spending capacity each month. WOW!

I now life OWYCA with intent to regain financial stability. Ever heard the phrase, “We buy things we don’t need, with money we don’t have, to impress people we don’t like?” It’s a good test for our own financial journey. How are you doing? I pray you are better at this than I was. Sincerely consider how to live a life of OWYCA. You will likely find life can be less stressful, and more meaningful. I end with Scripture: Romans 13:7 (KJV) [7] Render therefore to all their dues: tribute to whom tribute is due; custom to whom custom; fear to whom fear; honour to whom honour. [8] Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.

Enough said…