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After cancelling my Discover credit card last night (as promised) all I got was a $20 Discover Gift Card that is redeemable at any location. I was a loyal customer since August of 2008 and all I gained was $20.

If you are still not convinced that credit cards do not build wealth, then you are clearly in denial.When I spoke with the representative last night I told her my reason for closing the account and she replied, "Oh, we hate to lose you."

Of course they hate to lose me because they stand to gain more than I do from having me enrolled in their program. "May I ask why you are cancelling your account?" she asked. "I want to build wealth."

"Well, that's a good reason," she concluded. Now, I'm tackling my $8,000 in federal student loan debt that I acquired as an undergraduate. I'm going to pay that off before the end of 2011 and be completely debt-free.

Considering my school costs around $200,000, I think I fared well. Fortunately, I only took out the minimal amount that I was entitled to as a student. I spent that money on stupid things like partying.

However, I'm much smarter and wiser now. I'm a proud fiscal conservative, so with my first paycheck at my new job, I'm going to open an IRA.

God is good!

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