I kind of went into this a bit in Jeremy's debt story thread, but my debt started all the way back in college when, on my first day, I saw numerous tables on campus offering free t-shirts, lunch, etc. for filling out credit applications. I filled out about 10 of them, never thinking that an unemployed 18 year old student would get approved.
A few weeks later, I open my mailbox and it was like Christmas in the middle of spring. I had a bunch of shiny new credit cards to do with as I pleased. Little did I know the credit card parasites bank on students ringing up huge debt and then running to their parents to pay for it.
I used my credit cards everywhere, but mostly buying dinners and trips to the bar for all of my friends. In no time I had over $20,000 in unsecured debt. The problem was, my parents didn't have the money to bail me out.
I made a conscious decision one day to cut up all my cards except one for emergencies, and I went about trying to pay off my debt. Once I graduated I got a new job and was making decent money, and I cut my debt in half. Then came $40,000 in student loans (I attended a private university with no scholarships and little Pell grant money) and I was drowning.
Fast forward ten years later and I have around $20,000 in unsecured debt left. I made some mistakes along the way, including an ugly divorce. I am making conscious efforts to improve my financial life, and I have removed most of the negative info off of my credit report myself. No hidden tricks, no catchy systems, just paying as much as I can on each debt each month and not putting myself in the hole any further.
good for you for taking control and handling the situation on your own!
sigs
Rep Points: 510
keeping one credit card was a wise option. what most people do is they apply for many cards thinking that they will use all of them, which will help in avoiding a negative credit report on the cards. one should have only one credit card to bail then out of emergencies. thats all a student needs.
personally, i think its all anyone needs, but i see your point.
That's a wise choice. After all, you still need a lifeline, and as long as you have control over it, it is there to help you and not make you get into more trouble.
That's good you recognize your situation and you're working to get out of it. Good luck. :)
Thanks for the positive responses, but like I said it's not rocket science. Credit is a necessary evil in our world, but I refuse to let it control me any further.
way to take control.. good luck:)
Good for you, it's good to have a mind to know how to do the right thing. I'm quite sure that that experience has taught you how not to get into that situation again.
absolutely right
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