What is your mentality on borrowing money from loan or credit card now?

United States
December 18, 2010 12:28pm CST
So, if you have great amount of debts before, and you found it hard to pay them off, would you just learn a lesson from it? I already did. I have this over $10,000 debt on my credit card and personal loan, and indeed, I learn a hard lesson on paying them off. I saw many of my friends already bought a home and get married. They have nice family and comfort of their home to look after. For me, I am still owing this debt, and working on bit by bit to get this burden off my shoulder. I just simply regret with all these financial decision I made before. Irresponsible, and reckless spending cost me a lot of unnecessary spending. Now, lesson learned, and I should know better than anybody else. I should not borrow too much, and I should freeze my credit card in the freezer. Now it is about what I can pay, or what I can not pay.
2 people like this
10 responses
@DCLehnsherr (1042)
19 Dec 10
I absolutely hate credit cards and loans. I have learnt this through my experiences of those around me, mainly my mother, and I sort of have a vow with myself that I am never going to waste my money in the same way my mum did. She was always buying things she couldn't afford and getting into debt she is paying off and always will be. It just baffles me I guess how she can spend so much when she has nothing. I have no idea whether she used loans in the past, but she did have a load of credit cards she maxed out. She doesn't now, I don't think she is allowed, but after seeing her I don't use the credit card I have. I see it as a debt making machine and will only turn to it if I can't pay any other way I am glad you have learnt from your lesson and I hope your experience can keep other people on the right path in the future
@elvyra (35)
• United States
19 Dec 10
Never spend beyond your means. You will get bad credit and that will hurt your future on buying homes, getting loans, or getting a job. In Vegas, no one can get into a job in the financial industry or casino unless they have good credit score.
1 person likes this
@maezee (26912)
• United States
18 Dec 10
I'm in about $1,500 in credit card debt right now (used to be about a thousand more, but I'm working it down and have been for a while now) and about $2,200 in debt to my old university (the u of M, for past-due tuition that I hadn't paid off or been able to get loans for). It saddens me that I see a lot of my friends travelling, doing fun things, etc - when the majority of my money goes toward bills and paying down my credit cards. But what can you do? Besides that, we all move at different paces in our lives and go through different things, so I know in the back of my mind that I shouldnt (and you shouldn't either) compare yourself to others and their lives.
1 person likes this
@hestylim (1211)
• Indonesia
19 Dec 10
Yeah, I am in the same problem with you as well. I am working on things, to reduce the debts bit by bit..
• Philippines
19 Dec 10
Good for you man! That's why I stick with the debit card. At least it still comes from my own account and I don't have to die trying to pay the interest fees.
@nicregi (1936)
• Malaysia
19 Dec 10
Hi there! I have debts with credit cards and I am much wiser using the cards now. I used to use them for everything since I am getting a rebate for more usage. However, I soon noticed that my cards are reaching the max limit faster than I can imagine. It is tough to pay back and I did learned the hard way. Now, I try use them just for petrol and nothing else. If I would want to buy anything, I will save up in advance and make ends meet to get the thing that I want :)
@kodukodu84 (1576)
• Malaysia
19 Dec 10
Until today, I never applied for loan and never applied for credit card too. I'm always being very careful when it comes about this issue and borrowing money then paying it back is definitely not one of my dream in this life. It is the same for my partner, he always reminds me the worst consequences of having a credit card. But still I know that if we spend wise, then we will not have that big problem. Thanks for sharing and have a nice day
@shuley (369)
19 Dec 10
Yes being indebted to credit card is really not good, you know that I cut the two credit card of my husband because it so easy for him to loan when bills come OMG, I almost cry, just last month I cut his credit card and now I pay only interest and when a bill this month arrived we saw a 10% interest on the principal amount, its so big interest.
@pogi253 (1587)
• Philippines
19 Dec 10
Make certain to only use money that you can pay back. Charge the card for money you’ve previously got. That way, you can use the card, and identify that you have money in the bank that you can use to pay off the credit card balance later on. One thing to keep in mind never treat your card like free money.
• Singapore
19 Dec 10
I have just cleared my debt with my credit card. Although it was under 0% interest installment, but I felt the burden all the same. Every month I had to force myself to fork out a certain amount of money to pay off the loan, or there will be interest charged for late payment. I really learned my lesson on this one. I took some services under emotional conditions. I thought it would make me feel better, but sadly I missed the point. Nowadays, when I pay things through my credit card, I made sure that I can pay it off at the end of the month, and no more taking a product or service on 0% installment for me!