My credit card debt is not a secret, I just don’t discuss it.
I asked an anonymous woman about her experience with credit card debt. We are now to share, because although this time of year should be defined by joy and Thanksgiving, but can also be defined through economic pressure, because we are trying to present to express thanks. Here’s a woman’s experience in financial stress and how she found her way. – Haley
I always remember that I have credit card debt when I get the total credit card junk mail. I’ve got too much predatory nonsense: new credit CARDS, people trying to buy our debt (never solve your debt), that sort of thing.
The first credit card debt I accumulated was something I couldn’t pay back. I was 22 years old and I was working in Manhattan with a very low salary. Once I have a little bit, it adds insult to injury. It’s not that much, but I let it sit and grow. I think it’s about $5,000. I hate it.
Then I started dating a really rich guy, which changed my mind. I made a decision to pay off my debt. I make about $35,000 a year and do it myself. I will pay on my card, and then $10 for two weeks. I live in Chinatown, and my lunch is in the restaurant downstairs, for $1.25. I’ll replace it from my boyfriend’s replacement container. He didn’t realize it until he cashed the money. He was really angry, but I said, “I’m really bad! Don’t be a guy! “It’s really hard, but I paid the price in a year.
The latest credit card debt is a completely different ball game. When the recession hit, my husband decided to change careers and stop for a while. Even though I’m working full-time and taking a part-time job, it’s not enough. We ate our savings quickly, when we began to plan our debts. Then we got married and had to pay a wedding. Although we do most of our own (food, decorations, all these things), it still affects us in a very serious way. Now, whenever we start digging our holes, something will come back. So the debt is still there. The worst case scenario is about $40,000. It is now close to $16,000.
Our friends are hardly in our world financially. They’re fine. I don’t want them to know I’m struggling, because I don’t want to make them uncomfortable. They may be surprised and may not understand. I have a friend in that circle, there is a similar one, I remember one night, she was drunk, really become about money feel incredible, talk about this, someone called. I remember (another friend) : “don’t you know that the last person you want to alienate is your rich man?
Generally speaking, money is strange. I feel that I can only speak sincerely to people who I know are similar, and I don’t know that much. Once I’m at a Thanksgiving party, everyone is complaining about their hiring help and how much they’re spending. Someone asked me how much I paid, “I have no housekeeper.” I felt very angry. I remember thinking, “you’re so crazy, you think everyone in this room can help.” They’re not bad guys – they’re good people! But they have no idea. I don’t know what my financial situation might look like.
Still, I wouldn’t call our debt a secret unless it was my parents. If they knew, they would be upset. When I was 12 years old, I started to work and I gave everything for myself. They were frugal to the point of suffocation. They don’t indulge in any luxury. But it’s not necessarily my method.
Basically, we have wedding and basic debt: rent, food, car insurance, gas, child care. The general cost of living. We don’t spend frivolously. We hardly ever eat out, although we buy healthy food to cook at home. When I’m shopping, I’m trying to invest. My clothes have been around for years. It wouldn’t be worth it for me if it couldn’t keep the test of time. In some ways, though, it looks like it’s part of my job. There is an element that falsifies it.
When I was single, I thought that if I felt right, I would be more flexible. I remember one year I just admitted that the whole summer would be terrible. At lunchtime, I’ll have a piece of bread and some cheese or sardines. At dinner, I eat rice, peas, Onions or eggs. When I left the house, I didn’t even take my wallet because I didn’t want to be tempted to buy things. This is a good trick. When I was invited to the party, I would not have a bottle of wine, but a piece of bread. I don’t knead the recipe in the New York times. All you need is flour, water and salt. If you buy a lot of ingredients, the cost will be 25 cents. People think it’s so cute!
When I was single, I did all kinds of things. I think when you’re in a partnership, debt builds up faster. When it comes to money, my husband and I have slightly different personalities. When I grew up, I was really afraid of not having it. My husband never did. I don’t think he ever really stared at the reality of being super uncomfortable.
Even if we don’t have a safety net, we’ve made some life decisions. It’s like changing jobs or leaving work when you have money or moving on a desk (an expensive move could easily wipe out thousands of dollars). It was a great conversation about whether we were going to have a wedding, but we decided to do it. It was great. In that sense, I think there are things we can do differently. But I don’t really regret our priorities.
The strange thing about debt is… If you ignore it, it can almost feel that it won’t affect your life. I think I will pay the price to improve myself like anything else. Like a new diet or exercise routine or promise to water my plants. Adult things. These things are not necessarily complicated, they just need extra time and energy.
Now we are not a bad place, but we are in a need to develop a new budget, and plans to give a more formal plans to make up for, so it won’t be growing. There is always faster return, more liquidity or buying property. It’s complicated. It inhibits our flexibility.
Credit card debt is easy to start and hard to get rid of. People underestimate how difficult it is to get out of it. You can ignore it for a while, but when you solve it, you start to realize what it is: the burden of swallowing your money every month. You’ll feel better about it when you’re dealing with it, but the actual debt repayment will be much more painful than what you want.