$10K ... PAID towards debt free living

by Jeremy
(Providence, RI)

When I turned 18, I got my first credit card. It felt powerful and I thought I could do anything. I remember going out one afternoon with friends to the swankiest bar in Boston and had a fabulous lunch with drinks then I followed it up by going to Gucci and buying a pair of $300 dollar sunglasses. I felt great and I looked great but something was missing. The Tiffany bracelet that I had been coveting. So I bought that too. My credit kept getting extended and I kept making payments but I was living well above my means. I really thought that I could live that type of life.

When Spring Break was mentioned we decided that we would take 2 weeks instead of 1 and go to Europe. We went everywhere, did everything and I charged it all. I don't know when I realized that I was in way over my head and that it was time for my credit obsession to stop.

I was 23 when I discovered I was well over $18,000 in debt. My parents, fortunately, helped me negotiate down almost $8,000 and I contacted a debt consolidation company and I consolidated the rest.

I had to learn to go without a lot of things because my payments were nearly $200 per month and if I missed any it would jeopardize my credit. I got used to it and it seemed like it was never going to end.

Today I went to write my check for $200 and I knew that I was getting a little close to the end so I decided to call to get my payoff balance.

As I wait for her to get my balance I am thinking of all the crazy impulse purchases I made and how long I have been paying the company. She told me that my balance was $17.69.

After 5 long years the craziness of my early 20s is finally paid off.

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$10K ... PAID towards debt free living

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Aug 21, 2008
great job!
by: Anonymous

I wish I had learned my lesson so early. After college I paid off the $4000 I owed in credit card debt. Then I ended up owing 10 times that amount later in life. It took 14 years to learn my lesson. I'm looking forward to debt free living and that's just around the corner. Great job and keep those credit cards in an emergency drawer where they belong (if not cut into a million pieces and thrown away), your future will be all the better for it!

Aug 13, 2008
From Debt Trapped to Debt Free!
by: Cheryl

Unfortunately, this happens to so many college students. Kudos to you for realizing that you had to take hold of your finances! Congrats on your accomplishments towards debt free living. It's a great feeling.

I really think that students in High School should be required to take at least one course on financial responsibility. It might go a long way in helping individuals learn to take control of their money early on and develop good spending habits.

Debt is not bad, if it's used wisely. :-)

Jun 30, 2008
by: Helen VanPatterson

You have accomplished a lot and really give me some hope to my future and climbing out of my mountain of debt! Thank you!

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