Ms. Career Girl

Top Menu

  • Home
  • Media
  • About
    • Terms of Use & Copyright Notice
    • Privacy Policy
  • Advertise
  • Contact
    • PR and FTC Disclosure
  • Subscribe

Main Menu

  • Home
  • Careers
    • Productivity
    • Career Confessions
    • #SideHustle
    • Job Search Advice
    • Resume Optimization Tool
    • Job Board
  • Lifestyle
    • Life After College
    • Health & Beauty
    • Style
    • Money
    • Travel & Leisure
    • Product Reviews
  • Relationships
    • Dating
    • Marriage
    • Working Moms
  • Specials
    • Real Career Girls
    • Style Your Life
    • Book Club
    • Giveaways
  • Home
  • Media
  • About
    • Terms of Use & Copyright Notice
    • Privacy Policy
  • Advertise
  • Contact
    • PR and FTC Disclosure
  • Subscribe

logo

  • Home
  • Careers
    • Productivity
    • Career Confessions
    • #SideHustle
    • Job Search Advice
    • Resume Optimization Tool
    • Job Board
  • Lifestyle
    • Life After College
    • Health & Beauty
    • Style
    • Money
    • Travel & Leisure
    • Product Reviews
  • Relationships
    • Dating
    • Marriage
    • Working Moms
  • Specials
    • Real Career Girls
    • Style Your Life
    • Book Club
    • Giveaways
#SideHustleHomepage FeaturesMoney
Home›Work›#SideHustle›How To Dig Out Of Credit Card Debt

How To Dig Out Of Credit Card Debt

By Kelly Christiansen
Apr 7, 2016
18481
0
Share:
how to dig out of credit card debt

Ten years ago I was thousands of dollars in credit card debt and it was getting worse by the month. Spoiler alert: I not only got out from under it, I started building my savings. Here’s how.

In a (surprisingly fun) compliance meeting, the head of regulatory shared the following anecdote.

Compliance Dad: “I’ll never forget the time my daughter landed her first job out of college. She was so excited when she earned her first paycheck that she came home with this big Prada gym bag!”

Me: [Surprise face followed by grin slash attempting to imagine the bag…was it like that hot pink lulu bowling bag style I once had?! Was it a sleek black crossbody?!]

Everyone else: [groans]

Fellow Dad team member: “Yeah unless it has four wheels and a steering wheel, that’s not the kind of purchase you’re expecting her to come home with!”

Me: “Ah yes the paycheck purse! I remember my first paycheck shoes…” [Trails off fantasizing about the Stuart Weitzman floral suede lace-ups from 2006.]

Compliance Dad: “The next day she returned that big Prada gym bag and we had a serious, educational discussion about financial decisions.” 

Fellow Dad team member: “Yeah, financial literacy is not something they really teach in school.”

Me: “I know! I had never really learned about it and then I was suddenly thousands of dollars in credit card debit. I finally learned the hard way that you can’t spend money you don’t have!”

Compliance Dad: “That’s right!”

Me: “Soooo what color was the Prada bag???”

Everyone else: [laughter, groans]

Annnd Scene.

 

Obvs I was KIDDING wondering the color of the clearly fabulous Prada gym bag. But, being $1,000’s of dollars in credit card debt was no joke. Gratefully, a former bf taught me fiscal responsibility 101, perhaps the most important way to “stop the bleeding” when in financial trauma:

how to get out of debt credit card debt how to get out of debt

How to Get Out of Credit Card Debt

  1. Do not spend money you do not have

I know, this seems obvious, but years ago for me, so was buying Stuart Weitzman floral suede lace-ups! If you HAVE to pay for electricity, rent/mortgage, car payment, food, then ask yourself do you really have money leftover for those amazing shoes? Which leads me to my second point.

  1. Create a budget

Figure out your take home pay. Determine your expenses (see above: electricity, rent/mortgage etc.) Ensure you can afford to live where you reside (read: avoid being house poor). Once you have a budget, become and remain aware of it to avoid spending money you do not have.

  1. Track every expenditure

Years ago, I had minimal awareness of where my money was going. There are many money management apps like Mint and these others to help you track your cash flow. Being an excel guru (nerd emoji with glasses) I prefer to go old school and track my spending in a spreadsheet. That’s right, with every swipe of my debit card at Trader Joe’s, Gas Stations, Yogurtology (if we are being honest here, and we are!), I request a receipt, place in my wallet, and at the end of the day or the next day, I enter my expenses. Like any nutrition log or diary, you can start to see the patterns right on the page. Racking up the receipts at Target? On what? Necessities or nice-to-haves? Spending hundreds at the salon? Can you paint your own nails every other week? Are there hair products that are good for you that you can purchase for less elsewhere? You get the pic: track the money, identify the patterns, and get real with yourself about necessities vs. wants and viable substitutes that will still meet your needs.

  1. Sell your sh!t

I will get to the point in a minute, but first, a story. I have this awesome best friend. Her hubs had to work the weekend of their huge neighborhood garage sale. She invited me to come over and hang out with her and bring my stuff to sell. It worked out beautifully: I made approx. $300, we each got to take water/washroom breaks while the other one watched the stuff. The clothes I didn’t unload, she advised me to “just put on Poshmark and sell”. I told her I had no clue how to do that (clearly she is wayyyy cooler than me), so instead of throwing my lulu’s in the already-bursting donations box, she offered to sell them on Posh for me. A week later, I awoke to a $48 PayPal email from her for my goods. What. That weekend I joined Poshmark and while to date I did purchase ONE THING (a $7 cute pink plaid flannel shirt because hey I’m moving to Wisconsin and having a flannel shirt is basically mandatory to cross the state line,) in the past couple of months I have earned hundreds of dollars in selling clothes I no longer need. #Minimalist (If you have a washer, then you really only need 5 workout tops. I know, you are shocked at this coming from Miss best dressed. Work with what you have. Even if it’s only 5 super cute workout tops).

  1. As long as you are happy, that is all that matters.

We are so materialistic, but it does not make us happy. What makes you happy? Is it something priceless like loving your family? Then spend your time on that. It’s free.

Columnist Archive

Image credit: Simon Cunningham

Tagscredit card debtfashionfinance 101financesfinancial literacygarage salehow to get out of credit card debtKelly Christiansenmaking moneyminimalismminimalistmint appmoney managementpersonal financeposhmarkpradasaving moneyshoesstuart weitzmanwomen and money
Previous Article

5 Top Silver Screen Horses that Made ...

Next Article

Side Hustle Gold: 4 Inspiring Women’s Stories

0
Shares
  • 0
  • +
  • 0
  • 0

Kelly Christiansen

A top columnist at MsCareerGirl, marketing guru Kelly Christiansen has 10+ years of strategic leadership experience and is a Senior Marketing Strategist on the Health Care team at Kahler Slater, an architecture firm in Wisconsin. An avid reader, runner, and recipe experimenter, you can follow Kelly on twitter @kellymc247

Related articles More from author

  • MoneySelf

    Eww… Credit Card Debt

    Dec 22, 2013
    By Ms. Career Girl
  • Career ConfessionsMoneySelf

    Financial Savvy is Sexy in 2009

    Dec 9, 2008
    By Ms. Career Girl
  • MoneySelfWork

    Save a "Latte" Money!

    Dec 10, 2008
    By Ms. Career Girl
  • MoneySelf

    The Start of Your 2009 Financial Makeover

    Dec 26, 2008
    By Ms. Career Girl
  • MoneySelf

    10 Things You Should Know About Credit Cards

    Dec 27, 2008
    By Ms. Career Girl
  • Self

    9 Ways to Make ’09 Divine!

    Jan 2, 2009
    By Ms. Career Girl

  • Career ConfessionsLife After CollegeSelfWork

    A Tale of High Achieving Career Ladies

  • work in sales
    Life After CollegeSelfWork

    Why an entry level sales job is a great way to kickoff your career

  • Find a Career
    #SideHustleLife After CollegeSelfWork

    Get a Modern Day Career Path Dream Catcher

Subscribe

Job Search

As seen on

career advice blog badge oriel badge

Featured On

  • About
  • Contact
  • Advertise
  • Resume Optimization Tool
  • Privacy Policy
  • Terms and Conditions
© Copyright 2021 Ms Career Girl