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- Joined
- Mar 21, 2005
I got my first and only credit card in August 2006. My credit line was/is $1,000. Two Jordan purchases (candy, soda, & fast food while on breaks) and 26days later my card was maxed out. At one point I was $500+ over my credit limit. Up until last month the balance has not gone lower than $1,100.
The last purchase I made on the card was in Nov of 2007. I used $4.31 at Auntie AnnesPretzel shop in the mall. (I wonder how much that actually cost me?)
Between late fees, interest accrued, and over limit fees, on average I have given Citi Card $684.23 every year.
This is the same as burning $57 every month or flushing $26 of your paycheck down the toilet every two weeks.
Here's a breakdown year by year of what I paid in fees and interest per year.
1 - $540.34
2 - $904.47
3 - $581.88 + Avg of $26 interest from this months statement
Total - $2,052.69 down the drain.
Mainly I made this post as a way to show some of the younger guys what can happen when you get caught up in our twisted western civilizations way of life andby not making financially smart decisions. America teaches that we should live on credit. Yes credit is a good thing to a certain degree, but not to the extentthat it's run rampant in America. Be wise in your decision and don't get caught up trying to "stunt" on people.
If I would have known I'd pay roughly $2,000 for two pairs of shoes, grails or not, I would have NEVER got this card.
Basically live within your means. Sure things are nice but be careful how you view others. You have no idea what type of financial pit they're in just tohave something materialistic. It's always better to save or do without than to be hassled daily by credit card companies and carry the burden of your debtsdaily.
Through all of this it has taught me a valuable lesson. I'm reckless with a credit card. From this point I stillowe a little over $600 but am on the road to being credit card debt free. I will have it paid in full before the year is over. I'm willing to bet the cardcompany will offer me a substantial increase in my credit line which I'll have to decide if I want or not.
After my debt is paid I will begin to save for an emergency fund and only usethe card if the emergency fund is not enough to cover something that comes up unexpectedly. If you can't pay with cash then you don't need it. Onlything purchased on credit should be your house.
To borrow and add to an old saying.
"A penny saved is a penny earned, but a penny borrowed is multiple pennies burned."
I got many buyout notices from them for up to 70% off of what my balance was. I decided to take the hard way out and teach myself a lesson I'll neverforget. I got myself in this hole and I was going to dig my way out and repay every cent back. I've skipped out on things here and there and gone to theextent of only taking PB&J to work for lunch for weeks on end just to save. You look around at all the crap you've accrued over your life that youreally don't need and I sold off some of that stuff too. These are only small sacrifices that were made but the outcome was worth all of it. I'm proudof myself for taking this debt by the horn and muscling it into submission.
Anyone who is DEEPLY in debt please do yourself a favor. Go out and buy (with cash) Dave Ramsey's Financial Peace Revisited book. This book teaches great ways toget out of debt and begin living financially secure again. You will need to be committed to being debt free though. Just buying his book won't solve yourproblems if you're not committed. Don't let money or debt rule your life.
All in all I thank God for just having a job in this economy and having the strength to get up for work everyday.
I saw this in someone's sig and really liked the quote.
Americanism: Using money you haven't earned to buy things you don't needto impress people you don't like.
That's really all I wanted to say. Questions, comments, and advice accepted from and for everyone.
The last purchase I made on the card was in Nov of 2007. I used $4.31 at Auntie AnnesPretzel shop in the mall. (I wonder how much that actually cost me?)
Between late fees, interest accrued, and over limit fees, on average I have given Citi Card $684.23 every year.
This is the same as burning $57 every month or flushing $26 of your paycheck down the toilet every two weeks.
Here's a breakdown year by year of what I paid in fees and interest per year.
1 - $540.34
2 - $904.47
3 - $581.88 + Avg of $26 interest from this months statement
Total - $2,052.69 down the drain.
Mainly I made this post as a way to show some of the younger guys what can happen when you get caught up in our twisted western civilizations way of life andby not making financially smart decisions. America teaches that we should live on credit. Yes credit is a good thing to a certain degree, but not to the extentthat it's run rampant in America. Be wise in your decision and don't get caught up trying to "stunt" on people.
If I would have known I'd pay roughly $2,000 for two pairs of shoes, grails or not, I would have NEVER got this card.
Basically live within your means. Sure things are nice but be careful how you view others. You have no idea what type of financial pit they're in just tohave something materialistic. It's always better to save or do without than to be hassled daily by credit card companies and carry the burden of your debtsdaily.
Through all of this it has taught me a valuable lesson. I'm reckless with a credit card. From this point I stillowe a little over $600 but am on the road to being credit card debt free. I will have it paid in full before the year is over. I'm willing to bet the cardcompany will offer me a substantial increase in my credit line which I'll have to decide if I want or not.
After my debt is paid I will begin to save for an emergency fund and only usethe card if the emergency fund is not enough to cover something that comes up unexpectedly. If you can't pay with cash then you don't need it. Onlything purchased on credit should be your house.
To borrow and add to an old saying.
"A penny saved is a penny earned, but a penny borrowed is multiple pennies burned."
I got many buyout notices from them for up to 70% off of what my balance was. I decided to take the hard way out and teach myself a lesson I'll neverforget. I got myself in this hole and I was going to dig my way out and repay every cent back. I've skipped out on things here and there and gone to theextent of only taking PB&J to work for lunch for weeks on end just to save. You look around at all the crap you've accrued over your life that youreally don't need and I sold off some of that stuff too. These are only small sacrifices that were made but the outcome was worth all of it. I'm proudof myself for taking this debt by the horn and muscling it into submission.
Anyone who is DEEPLY in debt please do yourself a favor. Go out and buy (with cash) Dave Ramsey's Financial Peace Revisited book. This book teaches great ways toget out of debt and begin living financially secure again. You will need to be committed to being debt free though. Just buying his book won't solve yourproblems if you're not committed. Don't let money or debt rule your life.
All in all I thank God for just having a job in this economy and having the strength to get up for work everyday.
I saw this in someone's sig and really liked the quote.
Americanism: Using money you haven't earned to buy things you don't needto impress people you don't like.
That's really all I wanted to say. Questions, comments, and advice accepted from and for everyone.
