Feb 25th, 2008
The Ultimate Credit Card Cut-Up Contest
Some of you reading right now are going to win some great stuff. I am giving away the following things:
- Two iPod nanos
- One (large) surprise prize
- One copy of Organizing Your Life
- Five copies of Ramit Sethi’s personal finance ebook (a special thanks to Ramit for donating these)
- Two copies of Trent’s 31 Days to fix your Finances ebook
Ok so whats the deal?
Recently my girlfriend, a self professed shop-o-holic took a big step. She cut up all of her credit cards. I am having her explain in her own words:
My dad told me, “Lauren, don’t get yourself caught up in credit card debt”. At the time, I didn’t really even know what he was talking about. It started in college my sophomore year. I opened up a buckle charge card to buy a pair of $75 jeans. I thought, I will get a monthly bill of $10 and in about 8 months it will be done. Well, six years later that $75 turned in to $8500! I soon graduated college and received a full time job (more money, more debt) and bought my first house and had opened another 8 credit cards since my first! I have to say, the catch for me is not just “buy now, pay later”, but the up front discount they give you to open the card. “15% off if you open a Kohls charge card”. I promise you that if you do not pay it off right away, they will get that
that discount back from you and more in interest. So, this really started to consume and I thought back to my dad when I was younger “Lauren, don’t get yourself caught up in credit card debt”. I didn’t know where I was going to get extra money to pay off the debt, but I have managed to bring that $8500 down to about $6500. At this point every little bit helps and it actually feels really good. The trick for me is not paying little sums of money on every card, but when I get a large sum of cash ($100 or more), I pay it towards one card. It’s like I never knew I had the money. For example, my recent tax returns, I was due to receive $1800. I put $1600 of that towards paying off debt and cut up all of my cards in the process. I’m telling you, it was really hard for me to do this, but knowing that you are closer to being rid of debt is a much better feeling. I actually paid myself by doing this. By paying off my 3 credit cards, I now have an extra $100 per month! So, my take away is listen to your dad, and start getting rid of debt ASAP.
Here they are, its quite the pile:
This got me thinking. How many of us having extra temptation in our wallets? How many of us are carrying around credit cards we don’t need that can do nothing but put us into debt?
The contest:
All you have to do to enter is CUT UP one or more of your current cards and take that step in the direction away from relying on them, and take a picture. Mail me that picture at contest@thepennysaved.com along with a message about your experience with credit cards. Those that have no credit cards or cannot cut theirs up can still send me their experience to be eligible for any prizes EXCEPT the iPods. Here is the breakdown:
Grand Prize Man: Black Ipod Nano, Ramit’s Guide to kicking ass, 31 days to fix your finances
Grand Prize Woman: Pink Ipod Nano, Ramit’s Guide to kicking ass, 31 days to fix your finances
First runner up: Secret Prize, Ramit’s Guide to kicking ass, Organizing your Life, Investing online ebook
Two random drawings from the entry pool: Ramit’s Guide to kicking Ass, Investing online ebook volume 6
Added Bonus: As a commitment to all of you and the cause, I will cut up MY credit cards. All of them. I now have the ability to put rewards on my debit card so I will cut up all of my credit cards as well and post the VIDEO of it online.
The deadline is TWO WEEKS FROM TODAY. Thats Monday March 10.
A couple rules:
It must be a real credit card and not a fake one that comes in the mail. If there are not at least 30 entrants I will give away everything except the ipods.
[…] already, *tsk-tsk* now’s your chance to win some prizes for doing it! Get on over to The Penny Saved contest page and check out how to win some iPods and books for sending in pictures of your cut up […]
Good on you and your girlfriend for taking positive steps and sharing your experiences.
This sounds like a nice contest and I hope you get a lot of great publicity!
Great idea, Jesse. Can’t wait to see your video. I have a store credit card I’m ready to get rid of. I’ll send my pic in soon!
Sounds cool. Unfortunately, I just got my first and only credit card…and I kind of need it for the history. I mean, I could cut it up if I stored the info, but it would be cheating.
I’m ready. I have one, and it’s given me nothing but grief lately.
Great idea for a competition. I cut mine up a long time ago - Pre-paid only now! Gonna Digg & Stumble this for sure.
[…] enter the contest get the full low-down, see the original post at: The Penny Saved Credit Card Cut Up Contest Tagged with: contest, credit card, the penny saved « Monday 26.02.08 - Nice […]
I have just cut up my gas card and my Kohl’s card. I appreciate the incentive to finally do it since I’ve been talking about it for the last six months.
It’s cash for me now!
(I have no way to get a picture to you, so just know that I nearly ruined my good scissors cutting them up)
God Bless,
Linda
Well now I have to dig through the shredder to find the remnants of my card! I guess this’ll be a good lesson in whether or not shredding is good enough to thoroughly destroy a card
[…] Name: The Ultimate Credit Card Cut Up Contest Deadline: March 10 Prize: two iPods, one surprise prize, many finance books How to enter: Cut up a […]
Great!
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Cut em all up!
Amazing where rabbit trails will lead on the internet! I started at my feedjit, went to the blogoholics anonymous blogroll, then to an article about credit card debt, which led me here!
Ornery and I have been enrolled in Dave Ramsey’s Financial Peace University since January, and have not yet taken the step of cutting up the cards, but will when we return home from our current travels. (He has business for 3 weeks in Florida, I’m along for the ride.) Since we won’t be home until after your contest ends, we won’t be able to play, but what a wonderful incentive for people to get out of the credit card cage! Thanks for doing this, and I’ll be back around to check in now and then.
TM
cut them up
I just paid off one card and cut that up to avoid temptation. Please enter me in the contest.
I hate credit cards! I have racked up 29 grand on these bloodsuckers.
I couldn’t work for 2 yrs with new twins and the debt kept mounting. Even making a little more than the required payment gets us nowhere. I still don’t understand… no vacations,trips, eating out. this is all food , gas clothing, meds ect. over about 10yrs. please let this be some insite to someone. save yourself! i can’t take a picture but I am cutting up the kohl’s.! Thanks Trish
Should I pay or should I wait?
[…] is the last day to submit your entry for the Credit Card Cutup Contest. On friday I will post the winners, as well as the video of myself cutting up my card, AND I will […]
this is a great contest
count me in
[…] was inspired by the contest over at The Penny Saved that I mentioned a couple weeks back. It’s funny, I got them all in a nice big stack on […]
Thanks for the info!
You’re website looks very good, it was a pleasure to be on you’re. Keep on the good work
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hai,
i am a new one.
this site is so useful.
the info about credit card is much interesting.
there are lot persons are loss of money more.
but this disadvantage is failure of credit cards.
thanks.
===================
jim2008
The best online resources and information for credit card debt.
[URL=http://www.stop-credit-card-debt.com ]Stop Credit Card Debt [/URL]
hai,
i am a new one.
this site is so useful.
the info about credit card is much interesting.
there are lot persons are loss of money more.
but this disadvantage is failure of credit cards.
thanks.
===================
jim2008
The best online resources and information for credit card debt.
http://www.stop-credit-card-debt.com
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