Pull up those balances!
Pull up those balances!
It's time to check in on our debt payments and savings goals again.
When I clicked the "sure, I'll pay back this $55K" button on the student loan site, I had $10K in credit card debt. I also had no idea that I had racked up $10K on my credit cards.
So, I basically built up a ridiculously amount of credit card debt when I moved to the city a few years ago and had to intern for six months earning next to nothing. I've been sloooowly paying it all down, but I have a credit card payment of $250ish due, well, tomorrow, and I don't have enough money to pay it.
In the NYT Times Magazine, economics reporter Shaila Dewan looks at how credit card debt helps low-income people. For one thing, having access to credit and demonstrating an ability to pay back money you borrow builds a better credit profile that helps people save money over time.
Oops! It happens to all of us. We make a big mistake with our credit cards. These mistakes are not just embarrassing, they can be costly as well.
Several years ago, I made the final payment that relieved me from a crushing burden of debt that took me three years to pay off. Throughout my twenties, I accrued approximately $20,000 worth of credit card debt.
Our credit cards, ourselves.
The story of my first credit card is dead boring. Nonetheless, I’d appreciate it if you read on, because my dad deserves his kudos. And besides, when it comes to money, boring can get you very, very far.
I am not the person to ask about credit cards, because I only use them sparingly and don't do things like play the airline miles game, but perhaps y'all can talk about what has worked for you below.
I got my first credit card in college, setting it aside for emergencies only. The first "emergency" was a pair of jeans from the Gap on Newbury Street, purchased on a quiet, wintry Tuesday. The second "emergency" was a plane ticket to San Diego. The other subsequent "emergencies" are less memorable, but most likely consisted of cheap handbags from H&M and Camel Lights.
On her blog Girl's Gone Child, Rebecca Woolf talks about trying to maintain a good credit score so that she and her husband can refinance their mortgage, and how they battled her credit card debt only to get screwed by a forgotten annual fee. Nooooo
I now, embarrassingly late in the game, see credit-card debt as a problem for many that is nearly as pernicious as drug and alcohol addiction.
It's time to check in on our debt payments and savings goals again. If you're joining us for the first time, you can read about our decision to publicly keep track of our debt here.