Credit Card Horror Stories?

[Chris Phillips]

Would anyone like to share their personal horror stories regarding credit cards and college?

[Jess189]

Thankfully my story never quite turned into a horror story, but I fought a hard battle with credit card debt my first two years of college.

When I went to college I started working part-time as a self-employed freelance writer. I loved the flexibility and it let me work when I had time which made it much easier to work around classes. The only problem was I never knew when I was going to get paid.

I decided the best way to cover my expenses was to get a credit card. To my surprise I was approved for $500 in credit. For several months things were great. Occasionally I splurged on food or clothes when I shouldn't have saved, but $500 was a reasonable amount I could pay off in full each months.

The problem came when I maxed out my card buying textbooks and needed gas money to get back home. I decided I needed an emergency credit card to use in situations like this. When I applied for the second card, however, I was shocked to receive a credit limit of $3,000!

To make a long story slightly shorter, it wasn't long before I started making purchases I didn't need and couldn't afford. Soon both credit cards were maxed out and I was $3,500 in debt.

It took me two years to pay off that debt. Paying off debt left me strapped for cash and I'd have to use the credit cards to pay for expenses, which put the debt I'd paid off right back on.

There is a silver lining to this story, however. Last month I paid off the last credit card and have hidden them away. After months of not using them I've finally broken my credit card habit and save them only for real emergencies. The one positive thing I got out of this experience was a high credit score. I only wish I'd taken an easier path to get there.