Disclaimer: I understand that paying off credit card debit is like losing a bunch of unhealthy weight - you wouldn't have to lose the weight if you didn't put it on in the first place. There are people who will say, yOu ShOuLdN't HaVe CrEdIt CaRd DeBt In ThE fIrSt PlAcE. I agree wholeheartedly.
I've had an ongoing credit card balance since I graduated college at 23. I moved to Los Angeles, from Tennessee, for my first job. I spent beyond my means to hang out with friends, cover unexpected expenses, and had a general lack of financial discipline. I'd love to say it was me being 'young and dumb' but the truth is, I knew better.
After three years, I had a credit card balance of about $4K. Fast forward through law school, business school, another cross country move, and more emergencies that I hadn't planned for financially.
At the worst point, I amassed nearly $15K in credit card debt.
Today, my credit card balance is $0.
The big secret about paying off credit card debt is that there's no big secret.
I paid off a portion of my credit card balance each paycheck, which meant that I had less money for the things that I would have preferred to spend money on.
I always paid more than the minimum balance. For years, when I had a 'low' balance, I paid the minimum monthly amount and jedi mind tricked myself into think I was 'paying down debt'. That's a joke. Paying the minimum amount is like walking on treadmill - you're going nowhere.
I had to say 'no' to things that I wanted to do or buy. I abused over-spending early in my career and now had to make tough financial decisions. Ultimately, I prioritized my financial health, which meant that I had to decline social invitations, eat out less, and be more judicious about how I spent my time and money.
I share my story in case there is someone who believes you can never live without credit card debt. You can. It's hard. Start small. Start today.
November 22, 2020 at 01:20AM
