Tuesday is here again and we’re back talking credit. First, I would like to say that the opening night of HCCI’s Women & Money 2012 series was a great success! Thank you to all the women that attended. I’m very glad that you have taken the first step in educating yourself to meet your goals to have a more secure financial future. It’s often the first step that makes all the difference.
One of the attendees from last Tuesday and I were talking about the class topics when she shared with me her very own story of what she called a “credit disaster”, with her permission I’d like to share her story with you.
Where do I begin? I was very, very irresponsible with my spending habits when I was younger. I always said that I would never, ever have a credit card…and then a credit card was given to me. Spending trips that were never before possible were now a reality, and to a young me, that was a very dangerous thing.
My turning point was when I saw myself struggling to keep up with payments. I was paying on time, but the payments were becoming larger and interest was growing steadily. I knew what to do, I just didn’t know where to start. I had a full time job that paid decent. Personal issues caused me to cease employment there and I settled for a position elsewhere that did not pay as well, in fact the salary was much less than I was used to. Therefore I was having a hard time keeping up with payments..and I was shocked at how much those late fees were. Eventually I just stopped paying. Continue reading