How Did I Get Into This Mess?

In Uncategorized on May 12, 2009 at 9:03 pm

Believe it or not, I monitored my progression into this debt very closely. I’ve always been the one to look after the finances in my relationships, and I’ve paid every bill on time every time. I’ve also made all my minimum payments on time. I’ve even paid off and closed credit card accounts in the past!

I know, hard to believe.

It all began with that first card you can apply for as an 18-year-old. Making 100% disposable income with my part time job, having a credit card made sense. ‘Start building your credit.’ they said. ‘You will need a credit history.’ they said. So I did. And sure, paying off $500 was a cinch.

Slowly but surely they increased my credit limit. And since in my mind this was ‘free’ money, I spent it! Just as any good 18-year-old girl would do. But I was never one to spend a lot on fancy clothes or shoes. I was the one to spend it on travel to far off places. And dinner out with friends. And extravagant gifts for my family and boyfriend. I’m an ‘experience’ spender.

I worked hard as a student and held down a part time job throughout the year and also worked full time every summer. But I still needed my student loans. They were ‘good to have’ just in case. And I used my credit cards to pay for any ‘extras’ I needed to have. I used the word ‘needed’ very loosely.

Slowly but surely I got more credit card offers in the mail, and heck if you have one, you might as well have another.

Eventually I got some nice balance transfer offers and decided to minimize the interest I was paying – I guess I knew that much – and opened a new card.

Flash forward to 2009 and currently I have 4 credit cards. Three of which are close to maxed out. Here I sit with a grand total of $30K in credit card debt alone.

  1. […] thing I haven’t addressed on this blog, and I think its because I’ve been focused on my credit card debt reduction plan, is my car […]

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