When I was younger, I was always that kid in the grocery store that begged her parents to be able to slide their credit card at the end of the order. Sliding that card meant that you were acting like a grown up.
Now, at the age of 21, it is the total opposite when I have to hit either the green button to confirm or red to cancel. Instead of being my 5-year-old self and so excited to press that green button, I always hesitate and ask, “Can I not swipe and say I did?”
According to National Association of Securities Dealers Automated Quotations, the amount average of credit card debt has steadily increased.
Being a 21-year-old college student, I know that my credit card debt has not been that bad, but I can also see how having credit card debt is a horrible thing.
Even though movies like “Confessions of a Shopaholic“ talk about what can happen when you get into credit card debt, they mostly glorify it. I know when I saw the movie, I thought getting out of credit card debt wouldn’t be that hard; all I would have to do to pay it off would be sell all my belongings and write for a big time magazine.
According to USA Today, credit card debt has hit its highest point ever, reaching over $1 trillion in 2017. On average, an American has about three credit cards and a bill that is $6,375.
If I had known this when growing up, then I wouldn’t have went online and gotten credit cards. I don’t even really need them either.
I got my Walmart one to help my mom out and save $50. In the end, the interest rate was so high and I kept missing my payments, when I finally did pay it off, instead of it being $150 it ended up being $482.75
I almost dropped dead right then and there.
Being only 18 years old and learning that I had to pay that much money made me realize that all the hype in movies that show having a credit card as good really isn’t true and that having one is a lot more stressful than they portray.
After finally paying off my credit card, I told myself than that I wasn’t going to get another credit card again.
Well, if you’d like to know, I lasted almost a full year before I got another credit card.
This time, I applied for a Torrid credit card, Citibank credit card and Discover credit card. In hindsight, thankfully, I was only approved for one of them.
There were three reasons why I went on a credit card rampage:My friend left me alone and I had no one to bounce my stupid ideas off of, I was really bored and they said I could save 20 dollars and get free shipping with my order if I signed up for a credit card and lastly, I applied for a credit card so I could have a money on me if I didn’t work one week or if there was an emergency.
What I didn’t consider was that every time I used the credit card, I would have to pay it off on time and that if I didn’t, I would get hit with the interest fee and the late fee. That means I would be paying more on the card then what I spent on it.
According to Nerd Wallet, in order to keep the interest on your credit cards down, you should put money down on your credit card more than once a month.
My advice to you is if you don’t need a credit card or the credit then DO NOT get a credit card.
If you need one because of health bills or other immediate emergencies, make sure to look at all your options and to pay it constantly every month.
