I apologize in advance to those who might be misled by the title. I’m certain that somewhere out there, someone clicked on this thinking “yea, I don’t deserve this credit card debt I have”.
No, nothing could be further from the truth. Despite negative press regarding easy credit being offered and such, the simple fact is, you deserve every bit of credit card debt you have. If you bought it, then the debt you accrued is 100% deserved. No way around that.
What I *am* talking about is the thought that walks through the minds of many people on their way to overwhelming credit card debt. I know it walked through my mind, and I have heard countless other people say this as well. And that thought is “I deserve it”.
Those three little words have gotten millions of people into trouble regarding credit cards. Like I said, I speak from experience – at one point in my life, I racked up more than 15k in credit card debt over several cards. So when I talk about irresponsibility and large credit card debt, I know that place intimately. And nothing is more irresponsible than saying “I deserve it” (or the plural “we deserve it” for a couple) when you are already paying less than the full balance on any credit card.
Here’s how this works: We have a 26 y/o Dan, and his girlfriend, who live together. They both work, make “ok” money, live a middle class life, have one new-ish car and one older one, and like many people, have more credit card debt than they can pay off. The reasons are irrelevant (because everyone who racks up large CC debt has a “reason”).
But the fact is, this couple has several thousand in CC debt. And it’s Friday afternoon – they both get home from work. Dan had a tough day – his boss was pretty hard on him. His girlfriend had a customer scream at her over some refund. They look at each other, see the boring leftovers in the fridge, and say “You know what? We’re going out to eat tonight – WE DESERVE IT!”
And there we go – another $66.37 (plus tip) on the Credit Card.
Medical emergencies, job loss (et al) aside, the preceding is a huge factor in credit card debt piling up. The little charges, the “we deserve a night out because we work so hard” – they all add up to a big number.
Yes, you do deserve the night out. Eat the leftovers and take a nice walk. Because you don’t deserve to put yourself further into debt.