FPU Week 7: Credit Sharks in Suits and Buyer Beware

Okay, now that we are heading into this with Gazelle intensity, now comes the hard part...
This week we learned the astonishing statistics behind credit card debt. 

Did you know?
"The average balance per credit card-holding household is MORE than $9,300!"
"It would take over 13 years to pay off the average credit card balance if only making the minimum monthly payments of 4% at an average interest rate of 15%." And, "The total American consumer debt is more than $2.7 trillion!?

After reading the stats and others, I have decided "to live like no one else, so i can live like no one else." And not be one of the these statistics.  It is astonishing! 
When you think about it, why should our "value" be determined by a credit score?  It is just a number.  Dave Ramsey has a credit score of 0. So he may not be able to rent an apartment or "lease" a car, but that is the point.  He doesn't have to.  He could buy the car or the whole apartment complex if he wanted.  We are all led to believe that we need to have a high FICO score to do anything in America, but really, a high FICO score is an "I love debt" score and is not a measure of winning financially. 

I want to live by Dave's saying "Live like no one else, so you can live like no one else."  This week, we took the next step forward and we did some plastic surgery- ie. we CUT up our CREDIT CARDS!  Yes all of them!! The only thing plastic in my wallet is my identification and maybe a Starbucks gift card with no balance.  It was kind of extreme, definitely scary and I'm not gonna lie- emotional.  Some of those cards were so pretty- like my Nordstrom card. Ahh... Nordstroms... Ill just have to go there with the green for now on. 
This weeks homework, Review credit report and identify any inaccuracies and cancel credit accounts to which are paid off. 

Til next week.

"The rich rules over the poor, and the borrower is servant to the lender."  - Proverbs 22:7 (NKJV)