Breadcrumbs for a Life Well Spent
Journaling helps me live with intention. From food to finances to bird calls in the woods, here’s how I track what matters and leave breadcrumbs worth following.
How I Fell Into the Credit Card Trap in College—And What I Wish I Knew
I got my first credit card during my freshman year of college. It was one of those rare sunny days at the University of Buffalo, and right outside the Student Union, there was a row of tables practically begging students to sign up for a “free” credit card. At the time, it felt like a rite of passage—like I was finally an adult. Looking back, it was more like we were the prey, and the credit card companies were the predators.
At 19, I had a $1,500 credit limit. No big deal, right?
Well, there was one tiny problem… my income. Want to guess how much I was making as a college freshman? If you said $0, you'd be absolutely right.
But that didn’t stop me from swiping. Pizza, beer, nights out with friends—I treated that credit card like free money. So, along with gaining the infamous freshman 15, I also racked up the freshman $1,500 in credit card debt.
Fast forward five years. I was 24, and my balance had ballooned to $4,500. That’s when I finally had the money to wipe it out—thanks to my enlistment bonus from the Air Force. I paid it off in full and swore to myself: Never again.
Because here’s the truth that hit me hard: for years, I had been working just to pay for things I didn’t even remember buying. Things that brought me a few moments of fun but held no long-term value. And the worst part? That debt felt like a weight I could never shake.
Sure, the minimum payment was only $60 a month, and for a while, I thought, That’s manageable. But when you only pay the minimum, you’re mostly paying interest—not the actual debt. Credit card companies count on that.
To put it in perspective, at today’s average credit card interest rate of 20.5%, it would take 92 months (almost 8 years!) to pay off a $1,500 balance while making minimum payments. And by the time it’s paid off, you’ve forked over an additional $957 in interest alone.
That’s almost $1,000—just for the privilege of borrowing money.
So, if you’re wondering, “How much of a balance should I keep on my credit card?” the answer is simple:
💳 $0.
That’s the exact advice I’ll give my kids when they’re old enough for credit cards:
“Never put more on your credit card than you can pay off in full at the end of the month. Carrying a balance isn’t just borrowing money—it’s paying extra for things you don’t even own anymore.”
Living within your means isn’t just good financial advice—it’s a non-negotiable if you want financial freedom. Carrying a balance means you’re putting short-term wants ahead of long-term security. And that? That’s a trap I’ll never fall into again.
"Know what’s enough. Build what matters.”
Related Posts
I Wasn’t Going to Buy… Then I Did
After saying I wouldn’t buy, I saw signs in the bond market and political landscape that told me it was time to move. Here’s why I bought NVO and CROX—and what happened next.
Not Every Dip Deserves a Buy
I'm not buying stocks right now. Here's why I'm holding cash, how Trump’s trade war factors in, and what would make me invest again.
Made with Bullet