Even credit card writers make mistakes. How I’ve gotten myself into (and out of) debt

I’ve had a love-hate relationship with credit cards for nearly 40 years. Used wisely, credit cards can be a valuable part of your path to financial stability. But sometimes common sense goes missing, or unexpected financial circumstances require extreme measures. Next thing you know, you’re facing a mountain of debt.

Trust me when I say that I’ve learned this lesson – several times – the hard way. And I write about credit cards for a living, so I know how challenging it can be for others. Thankfully, each time I’ve dug myself into a hole, I’ve also managed to dig myself out. I’m sharing my credit card story so you can learn from my mistakes – the first time.

How I got into debt

In 1984, I was going into my senior year at American University in Washington, D.C. There was no internet and IBM PCs were kicking off the computer revolution. It was common for credit card companies to set up on-campus events designed to get college students to apply for credit cards. We were easily wooed with giveaways such as T-shirts, hats and Frisbees.

Because there was no internet, the card recruiters would give you a flier – with teenie, tiny print – explaining the cards’ terms and conditions. I was lucky because my grandfather was a branch manager at Bank of America then, so I had him to guide me through the ins and outs of student credit cards on the market.

No surprise – he recommended the student version of the BankAmericard. He patiently explained all the terms and conditions and educated me on how to use the card responsibly. However, once that card was delivered, all my grandfather’s wisdom flew out the window and I quickly burned through that $500 limit.

I was already taking 18 credit hours and working part-time at the Washington College of Law, but that bill needed to be paid. I took a weekend job working in retail and it took me eight months to pay that card off.

When I graduated in 1985, I got a Sears card to cover furniture and clothing and a basic Capital One Platinum card for everything else. All was going well, until 1987, when I moved into my first apartment without a roommate. I needed to fill that apartment, so I went crazy at Sears and Ikea. Remember, the internet still hadn’t arrived, so I didn’t have access to Craigslist or Facebook Marketplace, which are now my go-tos for household items.

Fast-forward to the 1990s, when I was steady when it came to credit cards. I bought my first home, a condominium, in 1996. I had budgeted to fill it, so my credit cards survived the move.

In June 2001, I moved from Washington, D.C., to Phoenix for a new job. My credit was good enough to buy a house. But again, I fell back into my bad habits and racked up credit card debt to fill that new home. In 2004, I moved to Atlanta for a new job. I bought another house in early 2005, but sold it in 2007 and moved to Baltimore to be closer to my partner after the birth of my child.

In 2017, my partner and I parted ways. I moved out of our home, got an apartment and became a freelance journalist. At first, it was great. I had a nice stable of clients, including three main clients, and I had a very affordable Obamacare plan. Then I lost two of my three main clients, the others cut their budgets for freelancers and the cost of Obamacare for the kid and I skyrocketed, from $300 a month to $1,200 a month – equal to my rent.

The math wasn’t mathing. I applied for a personal loan to consolidate my debt, but it didn’t help. I admit that despite everything I learned about debt and credit cards in the past, I fell back into my old “rack-up-the-credit-card” habit to survive.

How I paid off my debt

Each time I dug myself into a hole, I dug myself out. When it came to the student credit card, it was daunting. I was taking 18 credit hours and working part-time at American University’s law school, but that bill needed to be paid. I ended up working in retail on weekends; it took me eight months to pay the card off.

My post-graduate debt led to another retail job – and did I mention I was taking graduate school classes? This time, it was nearly two years before that debt was paid.

After going up the credit card debt escalator again in early 2002, I decided to play it smart and get help to tackle my debt. I signed up with Stafford, Texas-based Money Management International, a nonprofit organization that helps consumers with credit card counseling and debt relief. MMI taught me a lot about budgeting, managing my credit cards and financial education and my debt was paid off in 2004.

If you need help, your first stop should be the National Foundation for Credit Counseling (NFCC), the oldest nonprofit dedicated to improving people’s financial well-being that serves all 50 states and U.S. territories. It has a database of more than 1,500 certified credit counselors that can help you create a plan to pay off your debt.

After an initial assessment, a counselor will share available options, including a debt management plan, debt consolidation and bankruptcy protection. After deciding what option is best, you and your counselor will create a customized financial plan.

The debt I racked up in 2017 led me back to MMI in January 2018, but I managed to pay it off a year later. I took out a personal loan in 2022 to consolidate non-credit-card debt and paid it off in August 2024.

How I use credit cards today

I still have my Capital One Platinum credit card, but the Sears card was relegated to my sock drawer and eventually closed. I added the now-defunct American Express Zync card – created to attract Gen X and Millennials – to my wallet in 2010 and also closed it in 2017.

During the pandemic, I was able to reset my finances by paying off debt and boosting savings. That also allowed me to add three new credit cards – the Capital One QuicksilverOne in 2019 and the VentureOne Rewards and American Express Platinum Card® as an authorized user in 2020. I upgraded to the Venture Rewards card in 2022. Here’s how I’m using my cards now.

The Capital One Platinum, my oldest card, has been relegated to my sock drawer. I have my Amazon Prime membership on that card so it isn’t shut down. I decided the juice wasn’t worth the squeeze with my American Express Platinum card (although those Amex lounges were great), so I gave it up in 2022.

My main card was the QuicksilverOne card, thanks to a flat 1.5 percent unlimited cash back. But once I was upgraded to the Venture – and its 2 miles per $1 spent – that became my main card. I like that I can move my QuicksilverOne cash back to the Venture and use the miles to cover my travel. I also like earning 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel. Plus neither card charges foreign transaction fees, which is great for a world traveler like me.

The bottom line

I’ve learned a lot of lessons in my nearly 40 years dealing with credit cards and loans. They include:

• Credit cards and loans aren’t free money – they must be paid off.
• Don’t get a credit card just to have one. Do your research and choose one that works best for you.
• Don’t get store credit cards. They rarely come with useful perks and they lull you into spending on things you don’t really need.

Ask for help. If your debt is overwhelming, don’t bury your head in the sand. Go to the National Foundation for Credit Counseling to find certified members that can help you dig out of your credit card hole.