No. of Recommendations: 3
Hello Foolish Ones,
This is my first post and it is pretty ironic that this is the first Fool board that I have read any messages on. The reason why I say this is because I too was caught in the credit card trap. I thought it would never happen to me. I have had credit cards for years and managed to control them fairly well.
I woke up one day and realized what I had done to myself in the previous 6 months. I was not in control of my own actions.
Just to give you a brief background…I had been in a bad relationship for the previous 4 years. Out of this relationship came my son, a gift from God. I had lost about 94% of my retirement account from very bad decisions at the height of the electronic down turn.
I decided after this happened that I was going to spend some money on myself instead of hording it all in the retirement fund. I was out of my stinking mind. I bought many, many nice things that I had wanted for so long… All with credit cards. $20,000.00+ worth…. This was the beginning.
Not long after I did the credit card thing, my bad relationship left with my son. I immediately hired the best attorney I could find. $20,000.00 later I did gain custody of my son.
These two items are not including the debt that I had already incurred from a new truck, my bad relationship's car, my house, department store debt and so on. I was in trouble and could not remember exactly how I gotten to that point.
I did not ask for help from a credit counseling service. I should have to make sure whatever had caused this sickness would not effect me again. I was lucky.
I refinanced my house, the only asset worth anything that I had left. I also put a second on the house. It covered all my bills but that security was gone and I have a large payment to contend with now.
Things are starting to settle down and my son and I are doing well. I have some distance to travel before the effects of my sickness go away but I am going to make it.
If I could help stop one person from getting into the credit card trap by telling you this then I would be happy. Please beware; credit cards can trap any one of us.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.