Updated: May 5
The Millennial Woman With A Big Heart Edition: Learn about credit card spending and how it contributes to credit card debt.
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
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
Hosted my 10-year high school reunion
Tattoo and piercings
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.
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!