Debt is slavery.
-- Michael Baisden

Seemed like such a simple purchase; didn’t cost but a couple hundred, and it looked great on. Whatever, you thought, you’ll just pay double the minimum balance and have your credit card paid off in no time; what, you’ve only got $1,000 on the card, another $200 won’t kill you. But before you left the boutique, you’d bought 2 pair of shoes, purses to match, scarves, a hat, and jewelry that had to be carried in a bag all by itself. Now you’re in for paying off an additional $850. Hmmm, what’ll be double the minimum payment on that 21% interest rate card?

But it didn’t stop there. When you went to dinner that evening, you used a different credit card. You knew you were close to the limit but thought you could eat and drink just under the limit. Well, you went over your limit, and when you gave the server your card, you prayed to all the patron saints that it’d go through. As the server returned to the table with a smile on his face and pen in hand, you felt relieved and signed the receipt as though you didn’t have a care in the world. However, when the bill came, the credit card company had charged you an over-the-limit fee of $37.50 and snatched your low introductory rate of 4.9% because you’d gone over the limit (remember the fine print?). But give them credit for not wanting to embarrass you while you were out for a nice dinner.

Then, new tires on your SUV; $500 on the MasterCard. Dental work; a co-pay of $250 on the Visa. Membership dues and fees to the sorority, the fitness club, your professional organizations, and the neighborhood association; $600 on the Visa. Annual donations to 3 of your favorite charities; $150 on your MasterCard. Six birthday parties, 2 anniversaries, 4 baby showers, 1 wedding, and 1 retirement party; $1,825 between Macy’s, Neiman Marcus, Sears, Home Depot, Lord & Taylor, and Costco Wholesale. Christmas, New Years, Valentines, Easter, Secretary’s Day, Mother’s Day, Memorial Day, Father’s Day, Fourth of July, Labor Day, Thanksgiving, Christmas again, and every other day in between; $5,355 between all 17 credit cards you have. Your total credit card debt; massively priceless.

Now, dolefully holding your head in your hands, you try to figure out how to stop the creditors from calling you and where you can find more money, and while you know robbing a bank could land you in jail, you actually entertain the thought of going to jail just so the creditors would stop calling you.

Worrying about your debt has impacted every aspect of your life – your home life, job, friendships, intimate relationships, and most of all your ability maintain a pleasant mood and perspective on life. You’ve lost sleep worrying about your debt and you walk around as though debt was a noticeable monkey on your back. Debt has made you a slave, and until you control it, you will be forced to work for it and pray that it doesn’t beat you senseless and leave you in a ditch for dead.

Of course, financial consultants offer a myriad of solutions for minimizing and eliminating your debt. The trick is to choose one and stick with it. Financial experts Michelle Singletary and Suze Orman advise paying off the cards with the highest interest rate first while Dave Ramsey suggests using any extra funds to pay off debts by the smallest to the largest balance, a sort of system of “quick wins.” All of them recommend that you examine yourself and your spending motivations. Only then can you develop a debt busting plan that works for you.

Whatever your plan, do it. There’s no reason to be bound by the chains of debt. You owe it to yourself and your children to fix it and live a better future. Cut up the cards, live on one, and get yourself together.

Sadiqqa © 2007