She Strengthens

Breaking Free from Credit Card Debt: My Journey to Financial Freedom

As a young adult, I thought I had it all figured out. I got my first credit card at 18, connected to my mom’s account, and she would pay it off every few months. But little did I know, this setup wasn’t teaching me the responsibilities that came with having a credit card.

The Road to Debt

Fast forward to age 20, I walked into a bank, curious about setting up a savings account. The bank teller convinced me to apply for a student credit card, touting its low interest rate and no setup fees. I was sold. A week later, I received a shiny new card with a $1,000 limit. I was thrilled, but my spending habits quickly spiraled out of control. I’d spend $50 on a night out, $30 on dinner with friends, and $150 on a haircut. Before I knew it, my debt grew to $900.

Hitting Rock Bottom

By age 22, I had maxed out my credit card, and my bank decided to increase my limit to $1,900. It was then that I realized I needed to take control of my finances. I made a pact to myself to pay off my outstanding balance as soon as possible.

The Turning Point

After graduating college, I decided to take drastic measures to pay off my debt. Here’s how I did it:

1. A Symbol of Perseverance

I bought a Daruma Doll for $14, a Japanese symbol of good luck and perseverance. Having a physical reminder of my goal kept me motivated to stay on track.

2. Using My Tax Return Wisely

I put my small tax return towards my debt, which helped chip away at the total sum. This gave me the motivation to keep pushing forward.

3. Living with My Parents

For two months, I lived with my parents, which allowed me to put most of my income towards my debt. This was a huge help in getting rid of $600 of my balance.

4. Selling My Car

I sold my car before moving to a new city, which gave me $300 to put towards my debt.

5. Living Simply

With $700 left on my balance, I lived modestly for two months, cutting back on unnecessary expenses and putting most of my paychecks towards my debt.

The Final Push

In May 2016, I made my final payment and filled in the second eye of my Daruma Doll. It was a satisfying moment, and I was proud of myself for taking action on my debt when it was at $1,900.

Lessons Learned

Today, I’m debt-free and exercising a more frugal financial strategy. It’s been a learning experience, and I’m not perfect, but I’m proud of myself for taking control of my finances. If you’re struggling with credit card debt, I hope my story inspires you to take action and catch your debt early.