Lessons Learned From My First Retail Credit Card

Guest Post By: Bog Of Debt – A 27 year old tackling debt head on and sharing her journey. When I was able to open my first credit card, I was on top of the moon. The card was entirely for “building credit” or so I told myself.  I eventually slipped farther away from the goal of building credit and closer to buying things with money I didn’t have. Then came this offer while I was shopping at JC Penny. The conversation went similar to this……. Store Clerk:  Do you have our store retail credit card? Me: No? Store Clerk: Well would you like to sign up for our retail credit card? Me: Well that depends….hmmm Store Clerk: We offer 20% off your first purchase if you’re approved plus there are many deals only valid for our card holders. What is a retail credit card? A retail credit card is a card offered by a specific store or department store and they offer you special deals and discounts for using their credit card! Instantly dollar signs started going off in my eyes! I had the cash money for the clothes I was purchasing and my bank credit card was almost maxed out so I couldn’t […]

Are You In Debt Denial?

I’m no stranger to debt denial but it’s not me who has the problem. Every once in a while I get this chill that goes down my back when my mate, let’s call him “Bobby” rings me up. I know he is broke and always wanting to borrow money so he can go to the club, pay his bills and whatever else he does with his money. The problem is he doesn’t look or act like he is broke and drowning in debt. He makes close to 6 figures a year, drives a fancy car, dresses exceptionally well, takes good care of his grooming and body and he is in his early 30’s.  He’s one of those guys you love to hate because you just don’t get him. He rolls with it, has many friends, lots of girls and not a penny to rub his nose in… but he does have credit and lots of it. As a matter of fact his credit card company just gave him an extra $3000 to spend on his already maxed out credit card. He’s the type that wants to get out of debt fast but is rubbish at managing debt. While this scenario is […]

5 Reasons You Won’t Get Out of Debt

Alright, “5 Reasons You Won’t Get Out of Debt” is sort of negative and off-putting title, especially since I’m usually a very positive person.  But the main reason for the tone of the title is to highlight some of the typical “reasons” I hear from people who are unhappy about their debt situation but never seem to really do anything about it. Probably just about everyone with a functioning brain knows that when it comes to money, being debt free is always better than being in debt, but when I ask them why they have not made a sincere effort to erase that debt from their lives, I start hearing pretty common list of “reasons” (excuses) why they haven’t done it. So if you DON’T want to get out of debt and you don’t want to change your financial life, here are some excuses you should probably be using: I Tried it But it Didn’t Work for Me So once upon a time you finally convinced yourself that paying off your debt was a good idea and you even decided to try it.  Well, if you really didn’t want to get out of debt, then you probably did not to […]

Top 6 Reasons People Go Into Debt!

Why do people go into debt? Well, over the years I have seen it all, heard it all and lived through most of it! I’ve come up with my list of why people go into debt but realize this list could be much larger. Your debt load depends solely on your own situation as people who have a high debt load are there for their own reasons. I’m not here to say what is right or wrong or to point fingers, rather simply to share the most common reasons that I have come across in my years. Reasons Why People Go Into Debt 1-Divorce or Separation- When couples split they don’t realize the amount of debt they can incur when dealing with lawyers, real estate agents or spouses debt etc. Factor in child or spousal support and that can take a big bite out of your pay leaving you short to pay the bills. Keep in mind money is the number one reason couples fight and split up! Rebuilding life and finances after a divorce is possible but like anything is a journey to a destination. 2– No Budget– I’ve said it over and over but a Budget is imperative no matter how much money you make. Some people […]

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