As a young girl in college, money was always a problem. While I did work a small part time job, my academic work load was very demanding as I loaded up on credit hours each semester in order to graduate early and not incur additional debt from school loans. This prevented me from working a full time job while in college and made money tight. And so when I ran into an open house one day on campus where several credit card companies were offering students credit cards without requiring anything other than a social security number, I jumped right in!
My problem had been solved. I could finally breathe a little, buy the occasional name brand shoe or bag, and other items everyone else seemed to have. I also used the credit cards for my text books and to dine out with friends so I didn’t feel too bad. But I didn’t see the red flag coming, and this short lived “enjoyment” would come back to bite me having long lasting negative impacts on my future.
See while I was in school, I couldn’t afford to make the payments on my credit cards with my part time job and so my credit was destroyed. In other words, after graduating I got turned down from leasing apartments, couldn’t qualify for car loans, couldn’t travel with my friends. Basically I was stranded financially for several years. I had to live in not so desirable neighborhoods and my quality of life was just scary.
By the 3rd year after graduating I had gotten a slightly better job and was determined to turn my financial future around. It started with my desire to buy a home. So I worked on a 2 year plan during which I lived a very low key lifestyle, paid off all my credit cards, and saved money for a down payment. It was a very tough period for me but I remained focused on my goal and the result was success! My credit turned around and I purchased my first home. The nightmare was over and I was finally living the life I went to college for.
My advice for women especially young women in college is no matter what you do, avoid signing up for credit cards, car loans, or any debt if you are not working full time or have the means to pay for them. While they may seem a nice fix in the moment, they can destroy you financially. And although you can turn things around eventually like I did, it is not worth the temporary fulfilment you get from them.
Signed by,
A Queen