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Wednesday, February 8, 2023
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MAN SAYS $500 STUDENT CREDIT CARDS DESTROY HIS LIFE IN HIS EARLY 20s

I was in my early twenties, fresh out of college and ready to take on the world. Little did I know that my journey would take me down a path I never thought I’d experience.

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A path filled with debt and financial hardships. It all began with a $500 student credit card.

I was a young, poly college student and didn’t know the importance of being financially responsible. So when I was offered a student credit card with a credit limit of $500, I thought it was a great opportunity to start building my credit. Little did I know that this decision would have a drastic effect on my life.

I started using my card to buy drinks and pay for other school expenses. But soon, I was using it to buy things I wanted but didn’t need, like clothes, electronics, and nights out with friends. I quickly went over my limit and racked up a credit card balance of $1,000.

When 1 card becomes 4 cards

I was so overwhelmed with the debt that I didn’t know what to do.

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I eventually got more and more of those credit cards, CIMB, Maybank, CitiBank and Dinners card.

I kept using the card, hoping that I would be able to pay off the balance eventually. But each month, the balance kept growing. I maxed out the card and was soon paying over $200 in interest and fees every month. I was so stressed out that I couldn’t focus on my studies. I was constantly worried about how I was going to pay off my debt.

I eventually had to start working additional jobs to make ends meet. I was putting in long hours and sacrificing my social life. I was living paycheck to paycheck, barely able to keep up with my payments. I was trapped in a never-ending cycle of debt and stress.

I eventually realized that I had to take control of my financial situation. I started budgeting and cut back on my spending. I also stopped using my credit card and started using cash. I was able to slowly pay off my debt over the next few years.

My experience with the $500 student credit card was a painful lesson in personal finance. I had to sacrifice a lot to get out of debt and it took me years to recover. I’m thankful that I was able to learn from my mistakes and I hope that my story helps others avoid the same fate.

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