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When I was younger.

When I was younger, I was never told how credit cards really worked. I knew that my parents had some and used them when we went to dinner or to get gasoline. I knew that they had to pay a bill every month, but didn’t know about interest or late fees, or how eventually they can come very close to ruining you life not to mention your credit.

When I went to college I had to work and apply for student loans. It was the only way that I was going to be able to go. The loans helped a lot and the work-study job did also, but I still never had much money to use for fun or recreational activities at school. At some point during my freshman year as I was walking to class I saw a table set up on the sidewalk with a man offering free t-shirts just for filling out a credit card application. I figured what could it hurt and thought the t-shirt was pretty cool.

In a few weeks my new credit card arrived and I could not wait to use it, and use it I did. I also received in the mail more applications for other credit cards and filled them out as well. I couldn’t believe all of these people were willing to give me credit cards. I knew that they had to be paid, but the minimum balance was not that much and I could handle it. By the time I left college I had about $5,000 in credit card debt, not to mention my student loan debt, which was approximately $25,000.

I got a job, an apartment, and a new car all after graduating and still kept using the credit cards because I felt that I could definitely afford them now, I have a job. I was beginning to notice that by just paying the minimum payments that my balances never really went down. That is when I began to notice the interest rates. Some were 18% others 21% and now I began to get scared. For a few years I tried to budget and not use them, but I was already in too deep. I had to start paying back my student loans; I had a car payment, rent, and other bills that had to be paid. I began to wonder if I was going to ever not have any of this debt.

I call one of those credit counseling services and signed up. They made me cut up all of my credit cards and started me on a payment plan. I was difficult, but the damage was done. Joining the credit counseling service with some late payments here and there was ruining my credit. Then I became engaged to a very credit savvy man who shocked to find out about my debt, but also taught me some very good habits. I felt very guilty about making my money problems his when we got married and tried to continue paying everything off on my own.

Eventually it was brought to my attention that maybe the only way to alleviate my money problems was to declare bankruptcy. I met with a lawyer and we discussed the pros and cons and I decided to do it. I really had no idea of the amount of my debt until we put it all on paper and it was almost more than a year’s salary. The bankruptcy hearing was one of the worst things that I ever had to do. It was a humiliating experience, and now my credit was really ruined. I have begun to rebuild my credit and I also have started some new habits when paying my bills. I no longer feel that I have this dark cloud hanging over my head that I felt I was never going to get away from. I don’t blame all of my problems on the credit card companies all though I do feel that they prey on the ignorance of young college students who don’t know any better. I do take some of the blame myself, and my lack of self-control when it came to spending. I have learned many lessons in this experience and I will make sure that my children do not make the same mistakes that I did.

Female, High School Teacher
Age 33

Credit Dad

As a kid I watched my parents struggle with credit debt over and over again. I vowed that I would never be like. I wanted to live comfortably instead of month to month like everyone else. I started saving when I was in high school and college. I knew the importance of having money in the bank rather than owing the bank money. During college I signed up for a couple of credit cards but I never used them, I saved them for emergencies only. I realized that if I couldn’t afford it at that exact time then I wouldn’t be able to afford it later.

The first time I used my credit card I vowed to pay it off right when I got the bill. I made sure that I paid off the credit card every time because I hated the idea of paying interest on something that I had already used. I have made sure to pay off my credit cards every month for the past 20 years. I am in excellent financial standing and I am happy that I not afraid to use my credit card. I enjoy spending money but I know how important it is to not spend money I don’t have.

Having good credit has helped me to purchase cars, homes and achieve bank loans. My good credit has also helped me in my profession. Obtaining and keeping good credit is by far the smartest thing that I have ever done.

Male, Chief Financial Officer
Age 47