Confessions Of A Credit Card-aholic

They say money can't buy happiness, but it sure as hell buys everything else." -Mad Money, 2008

I don't even know where to start, so let's rewind back to the beginning...

I was fresh into the start of my 18th year when I promptly applied for a credit card. As I filled out the forms with the aid of my customer service friend, I could barely contain the glee sparkling in my wide eyes. Finally, I was legally able to partake in the joys of "buy now, pay later"! I made sure to clearly cross all my T's and carefully dot all my I's, and before I knew it was signing my life away to the bank I worked at. Just a few days later I was approved and received my first shiny piece of magical plastic. Since I worked for the bank, they were more than happy to extend me a modest $500 credit limit and secure the fate of my financial demise.


At first I started off slow, only handing my precious card over when it was absolutely necessary. That lasted about a week... Before I knew it, I realized I could have everything I wanted now--and girl, I am sooo the type who needs to fulfill my wishes RIGHT NOW. What could be the harm? I could just pay for this stuff when I get my paycheck, right?

When I think back, I don't think I've ever paid a full balance at the end of the month... Never. That means I've been padding the pockets of fat-cat bankers for the last seven years. In credit card debt alone, without looking up the exact figures, I owe somewhere around $10,000. That's not including student loans (approximately $30,000) and my car (about $4,000 owed to my parents).

What makes this burn a little deeper is the fact that I have absolutely no savings. I've somehow managed to keep the same $0.67 in my savings account for the last 24 (almost 25) years I've walked this earth. So currently I'm trapped in the dark pit of a $44,000 hole with no rope to grab on to and pull myself out.

Since no rope exists, I'm forced to start from scratch and weave a lifeline with the few threads I can scrape up off the ground. I need to take that $0.67 and magically turn it into a few thousand, just like I managed to take a $500 credit limit and magically turn it into a 10,000 pound weight on my shoulders.

I've always had this stigma about saving money when I owe so much to everyone else. I feel like I should be using those pennies to chip away at the block, rather than stick them in a box for my future. Well today I'm giving a big "F You" to the bankers! My new plan is to reverse this illogical way of thinking and finally start putting something away for "the future," whether that be for retirement, a home or even a wedding. I've decided the best course of action is to open an ING Orange savings account for several reasons. First off, I can have them take out a small amount of money from my checking account each week on pay day. This way I won't even notice and and can start budgeting minus the savings immediately! Second, it's online. "Out of sight, out of mind" is a philosophy I've subconsciously adopted since the beginning of my life, and in this instance it might actually work out to my benefit (it rarely has ever been a positive influence before...).

So I'm signing up for this miracle account first thing tomorrow! In regards to the pit of death... Well, I'm still figuring that one out right now and I'll get back to you another day. ;-)