Where's Margie's Money?

I take two steps forward, I take two steps back . . .

Paula Abdul, how I relate to your lyrics today! 

I’ve been waiting anxiously for all of my credit card accounts to update so that I could post this month’s debt numbers on my sidebar.  Today, American Express updated and I was hit with the annual membership fee of $450. 

This. sucks.

I opened my American Express last August.  Needless to say, this was BEFORE my personal finance epiphany.  My other cards were close to being maxed out and I “needed” a new card in order to charge the make-up/hair for my October wedding.  And since I was being generous, I paid for my four bridesmaids to get their hair and make-up done as well (total cost: approx. $800).  Then I charged our honeymoon flight tickets and hotel.  DH gave me cash for his portion but of course I didn’t pay off the card, I frittered it away on something else (total cost: approx. $1,500).  And THEN of course I needed some cute stuff to WEAR on the honeymoon . . . and then there were the other random things that quickly added up . . . Now that it’s all been said and done, I racked up nearly $3,000. 

I was going to make this the last card on my list to pay off just because it’s the highest of all of them and I planned on doing the debt snowball (the other three are all under $1,000).  Now, the plan is to hit this one heavy and hard.  I don’t want that annual fee popping up next year.  I don’t use the benefits enough to justify that high of an annual fee, which is absolutely ridiculous.  I’ll be paying off this bad boy and closing it post-haste!  I can’t even believe I let myself get into this mess. 

But I have to say that despite the step back in my journey, I am still VERY proud of how far I’ve come.  Today, I spend less than I earn and have not ONCE used my credit cards since starting this blog in March.  The debt repayment has gone slower than I would have liked – largely because we are planning and saving for a baby – but I have seen progress.  I was able to pay off my first Orchard Bank credit card a few months ago and next month my Capital One card will be completely paid off.  That leaves me with the Am Ex, another Orchard Bank card, and two store cards.  I know eventually I’ll be credit card debt free. . . car loan debt free . . . and student loan debt free.   This is but a bump on the road and I won’t let it derail me.  I won’t let my disappointment drive me into giving up.  This just makes me more angry and more dedicated to the cause.

American Express and your stupid annual fee, you won’t get me! 


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  1. * Lane says:

    $450?! I can’t believe AMEX can get away with that! Definitely makes more sense to work on that card next.

    | Reply Posted 6 years, 11 months ago
    • They can get away with it because there are people like ME who see that and think, “huh, $450 seems like a lot . . . oh well! I’ll take it!”.

      And to think I did this LAST year. I can’t even blame it on being a silly college girl or something.

      ::Head. Desk::

      | Reply Posted 6 years, 11 months ago
  2. * Petunia 100 says:

    I think you should call and ask if they will close the account and reverse the charge. That’s $450 back in your pocket.

    | Reply Posted 6 years, 11 months ago
  3. * Niki says:

    Yes, please call. If anything they may just reduce it, but even at half it would be worth it.

    This is one of my debt free and frugal mottos/mottoes? ( there probably is no plural to motto, I guess you should only have one):

    It never hurts to ask.

    | Reply Posted 6 years, 11 months ago
  4. I agree with Petunia, especially if you don’t want to keep the card anyways. $450 is better spent on debt repayment than to have a credit card in your pocket.
    Man I gotta start my own credit card. With annual fees like that I would be out of debt in no time.

    | Reply Posted 6 years, 11 months ago
    • No kidding, Life! You could make tons!

      Thanks for the advice Niki, Petunia and Life – I’m going to call right now!!

      | Reply Posted 6 years, 11 months ago

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