Credit Card Debt Stories



I can tell you from experience that credit card debt is no fun whatsoever! In fact, I truly believe it is the reason many peoples' lives are filled with so much stress and conflict. Unpaid credit cards are a huge contributor to mental health issues, physical health issues, and tension in our interpersonal relationships. Credit cards are just an all around bad part of our lives that needs to be eliminated as soon as possible.



Not only do credit cards put us in debt, but they also require us to pay interest that ends up being several times more than we actually paid for the items we charged up on the cards in the first place. In the current economy, low interest credit cards have become a thing of the past and for even one late payment, that old reasonable card suddenly turns into a high interest credit card beast that we can never pay off no matter how hard we try!

I have several credit card debt stories that I could share with you, but this one story in particular sticks out in my mind. This debt story was told to me by a close friend, whose name I won't reveal out of respect to her:

This friend was in debt up to her ears last year and the only feasible option for her at the time seemed to be bankruptcy. She and her husband both had lost their jobs within 3 months of each other and the only income they had was temporary unemployment benefits and their savings account money. All the credit card payments were eating into their limited savings and they struggled just to make the minimum payments on the cards each month. It was a nightmare for them as you can see and perhaps you can even relate to this story of being in debt since it is becoming more common these days.

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So what happened with her high credit card payments? Did she file bankruptcy or reconsolidate debt? She took it slow, one step at a time and didn't need to file for bankruptcy.

Not all bad credit stories have a pleasant ending, but this one does. Her first step was to call all of the credit card companies and pretend like she wanted to cancel any future use on her cards. This caused them to offer to lower her interest rates (which was really why she was calling.) Her credit card payments got lower and this kept her credit in check because she was able to easily make the minimum payments with the decreased interest.

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