Today is National “Let It Go” Day!

You might not know this, but today is national Let It Go Day. It’s true! But just what, exactly, should you be letting go?

Well, because we’re a credit and finance blog, we think you should let go of all those past credit mistakes that you can’t go back in time and fix. You may have messed up in the past, but chances are—if you’re reading this blog—you’re on the right track now. So why not kick off your shoes, and just let it go? No more beating yourself up, no more feeling guilty, just a whole lot of healthy moving on.

Here are some of the more egregious credit mistakes that you should just let go of:

  • Accepting every credit card offer that was thrown your way during college, because more is better, and it’s practically free money anyway, right?
  • Spending as much on a sports car down payment as you would spend on the entire cost of a good 5-year-old model that has (gasp!) four doors. (Yep, I’m guilty of this one).
  • Running up the credit card with a limit that is about five times your annual income.
  • Getting the latest and greatest in fashion, and then realizing that it’s out of fashion before you finished paying off the credit card bill for it. (Darn those fickle trends!)
  • Balance transferring an ever-increasing amount of debt all the way down your card collection, and then applying for more so you can keep the chain moving. (Although, to be fair, if you’re transferring a high interest balance with a 0% interest promo, doing it once or twice isn’t a bad thing. It’s just when you start “robbing Peter to pay Paul” that it becomes a problem.)
  • Treating your credit card debt number like it’s the high score at the arcade. (I totally beat your total with $80,000!) Sadly the prize for that is just a gigantic monthly bill, not the awe of all your arcade-going peers).
  • Taking out a payday loan to pay a payday loan – it’s a cycle that keeps on giving…and giving (you headaches, that is).
  • Assuming that the big meeting you’re getting called in to at work is about your promotion (and already spending your imaginary raise on a big screen TV), only to find out that you’re getting laid off.
  • Having so many debt collectors calling you that you’ve contemplated getting a phone system that can patch them through to a three-way call and let them talk to each other instead of you.
  • Deciding that your emergency fund (i.e., credit cards) would be better served as a take-a-vacation fund…and upon your return, your car breaks down.
  • Taking out loans to pay for a $50,000-a-year college when the $8,000-a-year college offers pretty much the same classes, without the snobs.
  • Taking out a home equity loan to pay credit cards, instead of selling what you bought with the credit cards to pay them down. (It’s usually not a good idea to exchange unsecured debt for secured debt.)
  • Setting up a business just to get your hands on business credit cards.
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There are plenty of other credit faux pas out there, but you know what? It’s Let It Go Day, so let it go and in a few years from now when you’re floating on a 700 FICO, you can look back and laugh.

What’s the credit mistake you’re going to let go of today?

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