When I was 18 years old I received an application for a credit card. I was barely out of high school and thought I was now a true adult and became extremely excited. Just imagine a credit card of my own. I had a job but it was not exactly a career. I filled out the application form and in two weeks I received my personal credit card. WOW.
No person told me how to use it or what exactly to look out for, therefore I used my card and became a fashion plate at the workplace. My boss must have thought that he was paying me too much because I missed one raise.
Anyway, long before I needed to seek credit card debt help, having a credit card was an incredible experience for me. I remember that the first thing I did when I received it was to take my girlfriend to a fancy restaurant for her birthday. It was an excellent experience to hand the waiter my credit card when it came time to pay the bill. My girlfriend was impressed. Still, I knew nothing of the possibility of credit card debt.
The advantage about the credit card was that all I had to pay each month was the minimum 15 dollars at that time. And they kept raising my limit since they said; I was such a good customer. Well, it is several years later and several more credit cards later. That minimum payment has raised too many minimum payments, that I have now learnt since seeking credit card debt help, is not the way to pay your credit card debt. With bare minimum payments you will never ever really pay the balance off. My credit cards are so high that I am in what is called "deep financial doo- doo." How can I get out of it?
I began to speak to financial counselors and learned that I was still not as bad off as few people with credit card debt; but that did not help me much. Understanding that you are as bad off as other people only helps to lower ones self esteem. After all your financial duties are what inflate your ego and act as balm to your self esteem. I was now as low as possible. The financial counselor told me I had 2 options; I could file bankruptcy, or perhaps I could apply for a debt consolidation loan.
When filing bankruptcy, I was told, I may not be capable to get credit at a proper interest rate in the future, and I wanted to eventually buy a house. It would also drop my credit rating with the 3 main credit reporting companies. A debt consolidation loan, if I qualify, would repay all of my debts and I would have just one debt to pay. However, would I be able to get a low interest rate to make my payments much easier? I had a lot to take into account. In the end my decision was to get a debt consolidation loan.
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