I’ve never been financially literate really ever and have never had much to my name. I’m finally in a position where I’m not treading water with my income and feel like I’m making progress paying down debt. When I went away to college, my bank handed me a credit card and I proceeded to treat it like free money all the while making the minimum payment thinking I’m doing the right thing. I had a ~$10k balance for roughly 13 years collecting interest. I’ve been aggressively paying down this balance this year, with about $700 remaining and have just been combing through my past statements kicking myself for not making a move earlier. I took a $2000 cash advance against my card in 2019 and have paid $1440 in interest since then 🤯 It feels like it hurts so much to pay this down now, but I think it’s for the best!
TL:DR
I learned how minimum payments (don’t) work
Mad at myself re: credit card debt
byu/zgr3258 inpersonalfinance
Posted by zgr3258
2 Comments
Can’t change the past. That’s great you learned and are paying it down now, good job
You’re not the first or only to have hit this.
What’s great is you’re doing something about it. Way too many people go into panic mode and shut down. You’re not. You’ve been cranking down your debt. Nice.