Credit Cards and Me

My friend DD, who is also my neighbour, knows all about my problem with credit cards. We were also colleagues once upon a time and I remember how we used to discuss my credit card situation in her cubicle during our lunch break. She would usually give me a pep talk on how I should be more careful with my finances and make me envision a life free from the clutches of credit cards. I would respond by listening to her; nodding in full agreement, before secretly mailing out my application!

When did I first apply for a credit card? I think it was about a year after I was employed at my first job in NST. That year, the banks finally decided to lower their pay requirements for credit card application and I found myself suddenly bombarded with many cool offers! I happily sent in as many applications as I could, thinking that I couldn't possibly be approved by all the banks. As it turned out, I ended up with more than 3 shiny new credit cards, which made my eyes shine just as bright at the thought of the new source of funds I would be enjoying!

When I left my last employer in 2003 with a hefty Voluntary Separation Scheme (VSS) compensation, I promised myself that I'd use some of the money to get rid of at least half of my credit cards. I reluctantly parted with a huge chunk of my compensation money to settle my outstanding amounts for several cards. However, I still couldn't bring myself to cancel their respective accounts lest I might need one of my credit cards for a rainy day. I definitely should have done the cancellation then because many rainy days and countless "emergencies" later, I am back at square one with the same amount of outstanding balance and number of credit cards I started out with!

Perhaps safety in numbers is totally out of context here, but that's how I feel sometimes. The more credit cards I have in my collection, the "safer" I feel. If left uncontrolled, I know that my soft spot for credit cards can spell total disaster, especially when I'm in the mood for one of my shopping sprees. Furthermore, my sometimes motto of "Buy now, worry later" doesn't seem to be helping much! In fact, I'm currently contemplating on accepting a new credit card offer that came in the mail yesterday. It has some really great features, so before I get too enticed by the new credit limit this card is offering, I'd better pay DD a visit - I think it's high time she gives me another pep talk!