I don’t know about you but up until recently, I could not control myself when it came to spending money on the things I wanted. Whether that be a new smartphone, computer or laptop, my brain would not engage. Instead a Zombie like creature emerged, set on pulling out the credit card, putting in the pin and then feasting on my new toy.
At no point would I consider how I would pay it back, how much interest it would cost me or the effect it would have on my finances. I didn’t even think about whether I would be close to my credit limit, or how much I would need for the minimum payment. The sad thing is, the only thing I thought about was buying the thing I wanted, and if credit could help me do that then I was set.
The problem is that by having this mindset, I was putting myself into debt. This blog is evidence of that, along with other things that I did, gambling for example. So without any thought as to what could happen, I ended up where I am today. In lots of debt and writing about it on the Internet.
What would I do now?
Well that depends. If I wanted something then I don’t need it. If something is wanted then I better start saving up for it. That’s the only way I can get something I want.
If I need something then I would ask myself, do I need it or do I want it. If I need it then I still wouldn’t use credit to fund the purchase. Looks like I would now be saving up for my wants and needs.
I would also not have a credit card either, not until I am sure that I have 100% learned from my mistakes in the past, until then I am better off avoiding credit cards all together.
Along with my uncontrollable spending habits was applying for credit. I would apply wherever I could. Once approved I would treat the loan or credit card as spending money, and proceed to pour that money down the drain.
Looking back it makes my skin crawl but it’s the honest truth. If I had money then it was burning a hole in my pocket. It didn’t matter that the money wasn’t mine, it was available and had to be spent.
I would think of ways to spend it. What could I do with this credit I thought. Material things is what I bought, they don’t make you happy but they did mean I could buy stuff. It satisfied my need to spend and spend I did.
Again just thinking about my attitude towards money fills me with embarrassment. It’s not normal to be like that, but I was and it led me to where I am now, in a ton of debt. Worst of all, I don’t even own any of the things I bought in the past, they are distant memory, the only thing left now is debt.
What I would have told myself back then
If you are like me then my advice to you is stop before it’s too late. Look at this blog, it exists because of my foolishness with money. Debt is not good and no matter how spending money makes you feel in the moment, you will pay for it eventually.
If you have credit cards with credit available, get rid of the cards. Think about what you are doing and stop applying for more credit, you are only digging a bigger hole.
How about you?
How did you get into debt? Was it through a similar scenario to above? Please share your own stories in the comments box below.