This is the second Enlisted Money Confession and I think more than one of us can relate to this story! Remember, we’re a community who shares our successes and struggles so we can all learn together. At the end we’ll discuss the “Credit Card Swiping Sailor’s” story and teachable moments we can apply to our own lives.
Here’s their story:
The Credit Card Swiping Sailor
I did the smart thing with my first reenlistment bonus in the Navy: I paid off my credit card debt. Unfortunately, I didn’t address the spending habits that got me into that debt and charged them right back up again!
In hindsight, I wish I’d put that money into my TSP and worked on whittling down my credit cards each month and started learning to control my spending.
That’s ok, though, I’ve been credit card debt free for 5 years now and feel much more in control of my spending!
***Break***
Enlisted Money Response
I felt this to my core! My wife and I did something very similar at one point and temporarily paid everything off during my first deployment. Yet, we just kept spending like there was no tomorrow and got right back into debt. I could have been debt free about 5 years sooner, but nope, the new PlayStation and cell phone were “must have” items we bought on credit cards (along with who knows what else).
Always Give Yourself Some Grace
First, it’s okay. I know you’re probably feeling some regrets, but forgiving yourself and making positive changes was the right move – no matter when you did it. You recognized the issue credit cards were creating in your life and you did something about it. Kudos to you!
Congratulations on five years of being debt free! It’s a really nice (and sometimes weird) feeling to not have any debt payments. It’s not the “common” path, but it’s well worth it.
Turning Credit Card Debt Around
I’m really happy you shared your story with the Enlisted Money community! Hearing stories like yours let others (including me) know we’re not alone in struggles with credit cards. They’re just too easy to use and rack up a balance.
I wish I could go back to when I was a young private and make some changes. Oh what I wish I knew when I was 18.
What if You’re in Credit Card Debt
If you’re reading this and you’re struggling with credit card debt, I want you to know that you’re going to be okay. Lots of people, including me, have struggled with credit card debt over the years. You just have to make a plan and get to it.
For my wife and I, we went to the extreme opposite end of credit cards. We followed The Total Money Makeover plan and got rid of all our credit cards, paid them off, and stopped using them completely. However, we didn’t actually cut them all up or close the accounts.
Dave-ish Ways
We were always what you might call “Dave-ish” and did some picking and choosing of what we would and wouldn’t do. We knew we’d need credit of some sort in the future, so closing all the accounts seemed like a bad idea for our credit score. However, we didn’t use credit cards at all for probably seven or eight years.
Now we occasionally use them for points and stuff, but we really don’t use them much. We always seem to overspend when we use credit cards – no matter how closely we try to track our usage.
If you’re really in deep with credit cards, check out my article on what to do when debt becomes a problem.
Share Your Story
Do you have a financial success story or confession to share? We’d love to hear from you! Fill out the forms on our website or email us at hello@enlistedmoney.com.
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