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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:
cut up cards

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.

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