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The Millennial Woman With A Big Heart Edition: Learn about credit card spending and how it contributes to credit card debt.
I #grewuppoor & had a #scarcitymindset and so the #YOLO adulthood lifestyle was fueled by the #instantgratification of credit cards.
So, for those of us who learned that credit cards could buy us things today that we don't have, but only need to pay a certain amount for it each month.... Yea. You best bet your sweet ass I jumped on that train as soon as I turned 18.
"I can afford the minimum payments" I'd say to myself.
Sure, a $500 credit limit didn't accrue that much interest.
But, when you keep telling yourself this as your credit limit grows to $30K+... That's when it really becomes an issue.
Here are the different reasons I used credit cards:
Loan money to friends and family
Pay for my brother's lawyer
Car repairs
Concerts
House repairs
Bought a motorcycle
Trip to Europe
Road trips to NYC, DC, Indiana, Alabama, Florida, South Carolina & the AirBNBs to go along with them
Plan tickets to Colorado, California, Texas, etc
Buying extravagant gifts
Dining out
Hosted my 10-year high school reunion
Tattoo and piercings
Clothes
Depression
By the time I was 30, I was making at least $50k/year. But I was living paycheck to paycheck, trying to keep up with high-interest credit card payments and student loan payments.
No kids
Just 2 cats and a dog
No mortgage payment (I was living in a house I was flipping that I paid for with cash)
No car payment
Funny enough, I was at least proud of my 700+ credit score 'cause ya.... that'd get me out of debt and free up monthly $. ::sarcasm::
BUT! Where I came from - Now THAT I think will help you understand the irresponsible credit card usage.
When I say "grew up poor" I don't mean that our family had a house but just couldn't afford vacations or extravagant gifts.
When I say "grew up poor" I mean, we lived in trailers or in a motel. We lived out of our van. We lived in an apartment complex. There was one Christmas when I got 3 little presents - a book, a puzzle and I forget the other. I was 7 years old. We moved around a lot, too. I don't remember where I went to school for the 3rd grade and often went to several schools every year.
I had a teenage mom. Didn't know my dad. The guy I did call Daddy, I often missed him because he either wasn't around or my mom didn't let us around him. Thankful for my Gma coming through a lot and being very supportive.
I could go on, but the point is... credit cards afforded me what I want NOW and wasn't able to have BEFORE. It also enabled my big-heart and guilt. Anyone who needed it knew that they could come to me. It didn't help that I gave everyone the benefit of the doubt... thus in my own way enabling other people's bad lifestyles.
Credit cards were LIFE. Credit cards let me taste the life I didn't have and wanted so badly because "I deserved it."
I used them and learned the hard way, but I haven't been using them anymore. It was a bad habit that was so hard to break.
If you can relate and are really really looking for support with fast tracking yourself out of a sticky credit card situation - I'm here for you. I'd absolutely love to help you break up with Mr. Visa once and for all!