Letters to the Editor
-
All this fuss over 10 grand? Try $65,000
About 7 years ago, I owed over $65,000. I had taken two years off to write and also leaned way too heavily on my credit cards.
So I bit the bullet, got a job and I went to a Credit Counseling company (here's a tip, use the for profit credit counselors - it is much better for your eventual credit score), who suspended all my cards, negotiated a much lower interest rate with my credit card companies and set up a payment schedule for me. Anyone can do this.
For the next two years, I paid double or triple what my payment schedule required, paid for necessities by cash or check and vowed never to fall into this ugly trap again. And at the end of two years, I was out of debt.
I am now the owner of a home and an excellent credit score. Credit card debt is an addiction. You'll never cure it until you want to.
Here's another tip. Pay everything you can by Amex. If you pay your monthly bills in full you never pay a dime in interest. And Amex rewards points never expire (and no I don't work for them). And if they don't take Amex, use a Visa or Mastercard check card that withdraws directly from your checking account. And never ever own a credit card that you don't absolutely need. If you don't have it, you can't max it out.