I got my tax return and sent it immediately to pay off a credit card last week, and this week I called the credit card company and cancelled that bad boy! I am done with debt serfdom. The urge to spend tax returns on non-essentials because “I deserve it” can be pretty strong, so I just sent it as soon as I got it. There’ll be time for frivolous spending once I am free. The concept of Suburban Resilience is to be resilient; this means being able to take care of yourself so you can be free. It means being your own person and making your own decisions. That is a lasting enjoyment, whereas a new flat screen tv while I am still in debt just perpetuates the cycle.
I had a coworker suggest that they would probably pay off the card but keep the account open to help their credit rating, and as a “just in case” fallback. I must admit, I thought of that too. But all debt is cancer, and resilience means being independent from the corporate banking credit system as well. By cancelling the card I have forced my own hand, I now have one less crutch to lean on instead of achieving my goal. As for my credit rating (which isn’t very good anyway), you really only need good credit for two things: buying a home, or for business start-up costs. I am currently buying the home I live in, so why don’t I just focus on that. And if I do decide I need to buy a different house, maybe I should have enough money to use as a down payment that my credit rating doesn’t really matter. Otherwise I need to ask myself the question, “can I really afford it, or am I again becoming dependent on something that is bad for me?”
It feels good to be making progress on the road toward liberty!