Wow. Today my credit card debt is under $5,000.
I’ve been racking up credit card debt since college, when I needed to study abroad in order to graduate with a degree in German, over 11 years ago. Student loans paid for all of the basic expenses, but I didn’t have a dime to my name to pay for weekend travel, food outside of my host family’s house, or souvenirs.
A few years later, I had debt totaling $40,000+, from student loans, a brand new car purchase and the day-to-day reliance on credit for splurges. Not all of my credit card debt was frivolous, though. I paid for some of my younger sister’s college tuition, I bought furniture and art, and there was a short period of time that I relied on credit cards while getting my consulting work off the ground. I wish I could have paid cash for those things, but I’ve made peace with those debts over the years.
That doesn’t mean I don’t still get angry at it, though. Debt keeps me from traveling more, it keeps me from buying a home, it keeps me from enjoying my own money – so I’ve fought for the past few years to get it under control.
My credit card statement hasn’t been below $5,000 since the fall of 2006. Looking at my records, I can’t find a legitimate cause for the steady climb to $20,000 in 2011. My salary has risen over those five years too, so it feels like I just exponentially lived beyond my means.
Interestingly, in 2009, I really pledged to pay off my debt. It took two years of continued spending, a little maturity, and a few lessons learned the hard way to finally decide to beat these numbers into submission. I’ve made steady progress for the past year and a half.
I paid my car off in 2010. My student loans are less than $8,000. And today was a milestone I’m very proud of: credit card debt under $5,000.
Photo credit: Sean MacEntee
