What is your story?

I love hearing other's stories about their struggle with debt. Perhaps someone may see it as morbid, but for me it makes me feel like I am not alone, like I am not some weird anomaly. It makes me feel human. And not only that, I learn something from their experience. It reinforces that I am on the right path, and that I never want to be in debt again.

A good family friend was telling me about his struggle the other day. He doesn't remember how much debt he had (it was too painful to add it up, he said), but it took him 3 1/2 years to dig himself out. 3 1/2 very painful years. And that pain is what has kept him out of debt ever since.

Another friend wrote me to say she could relate to my story because she too was digging herself out. And another friend, also in the process of getting out of debt, offered some great resources for advice and support (Dave Ramsey and Tony Robbins, in case you were wondering).

What is your debt story? Are you currently fighting with your debt? Have you resigned yourself to it? Or have you dug yourself out of your debt hole? I would love to hear your story!

June 4, 2007

I had just graduated from college and moved back to my hometown to start my first real-world job. I was a grown-up. I knew everything (I had a diploma to prove it). And I was going to start my adult life the best way possible.

The credit card offer arrived at my new home address. It was June 4, 2007. The offers had not stopped once I graduated, and I continued to receive 2 to 3 per week. This one was different though. Not only was I pre-approved (how cool!), but they were offering me a credit limit 5 times larger than any other credit card offer. They were offering me a credit limit of $25,000. $25,000!!! Who offers a 22 year-old with a yearly salary of $45,000 a credit limit of $25,000?! But hey, who was I to turn down that kind of money? Now that I was no longer a starving college student, I had a lifestyle in mind that I wanted to become accustomed to, and maybe this credit card was the key to obtaining that lifestyle. And besides, it's not like I was going to use up all of the $25,000 credit line anyway...

What is the largest credit line offer you have received? Did you accept it? Do you still have that credit card?

No cash, no problem!

During my college tenure, I chose to not get a part-time job because I wanted to focus on studying and graduating in the (parent-required) 4 years. But instead of living like a starving college student with no job, I just charged everything to my (many) credit cards. No cash for the cute Abercrombie & Fitch skirt? No problem! No cash for the $1 beer special at my favorite bar? No problem!

Well, turns out it was a problem. Sure, that $1 beer was cheap back in 2007, but now... well, now it is costing me $10. Not such a cheap beer anymore.

What was your stupidest purchase on your credit card? How much do you think you are now really paying for that "discounted" item you charged years ago? It's painful, isn't it?

Whatever Your Heart Desires

My credit card collection grew quickly over the four years I was in college. But it wasn't just the table in front of the cafeteria offering free t-shirts, or even the people in front of the local pizza joint offering a free pizza... no, the bombardment did not stop there. I received 2 to 3 credit card applications per week in the mail ("You have been pre-approved!!!"). There were flyers for credit cards handed out in class. I was so inundated with offers that it felt like at times that's all I could think about. "Credit is good! Credit builds wealth! With a credit card, you can have whatever your heart desires!"

I can have whatever my heart desires?!?! My dreams had finally come true! No more asking Mom and Dad for money. I had money! I had a CREDIT CARD!

Have you had any similar credit card offer experiences? What is the strangest or most aggressive experience you can remember?

How did I get in such a deep hole?

You are probably wondering how I built up so much debt. You are right to wonder. $41,862 is not a small chunk of change, especially when I am only 26 years old.

I remember my first time like it was yesterday... hungry, walking into the familiar college cafeteria, and there it was, right in front of me. A sign that made so much sense, and was so simple... "Free T-Shirt for Signing Up for a Credit Card!"  A FREE T-SHIRT! Awesome! And it had our school logo on it! Even more awesome! Sure, I'll sign up. What harm can it do? It's not like I'll use the card...

I wish I could say that this only happened once. Or twice. But I was 18, I was naive, and man those t-shirts were cool! So I quickly collected credit card after credit card, not realizing what kind of danger I was putting myself in.

Have you had a similar experience? Share your story and let others know just how aggressive and immoral credit card companies can be.

Help me get out of debt by keeping me accountable!

$41,862. That is the amount of debt I have. And I am only 26 years old.

I need help. I need support. I need accountability.

Help me stay accountable for my spending and debt reduction by following this blog. This time I will succeed!

Do you have debt you want to get rid of? No matter the amount you owe, it will be liberating to get it off your back and out of your life. Start a blog and gather your friends and family to lend support in your own debt-reduction journey!