The Debt Epidemic

🚨Keepin it real rant ahead🚨

This is us..this is America..scary huh? What if I told you that we are all responsible for this culture of debt and living above our means and we all have to contribute to putting an end to this. It’s hurting us, our kids, our health, our planet, it’s an epidemic and I wish more people were feeling terrified about the topic. It just keeps getting worse each year, small credit card purchases, car payments, student loans, slowly adding up to over $13 trillion. 💳

Who’s ready to break the cycle?? And I don’t mean just pay off the minimums and maybe a little extra to continue to be a slave to debt for the rest of your life. I don’t mean to just do a debt consolidation or home equity loan or line of credit to pay off..because debt is still debt..whether it’s paying ten different people or paying one. And now that you’ve consolidated, guess what, you’re probably just going to add MORE debt now that you’ve freed up those credit cards. 🤷‍♀️

Your past will continue to haunt you if you aren’t ready to take a long hard look in the mirror and realize that YOU created this mess, and YOU have to do the hard work to not only get out of it, but STAY out of it. You have to STOP talking about how you don’t make enough money, you’re just barely scraping by and don’t have any extra to pay, maybe once you pay off the car or once you get that tax return you will, or once you get a raise you will, you are lying to yourself. STOP playing the victim and STOP making excuses for your spending habits. You’re only hurting yourself.

Also, those student loans, yeah those suck just as bad as the credit cards, but you CHOSE to go to school and you took them out, so guess what? You owe it..so PAY that shit back already!

YOUR kids SEE you living that lifestyle, and they HEAR you fighting about money, and they FEEL your stress at the end of the month when there’s not enough paycheck to go around. They see you treating yourself “because you earned it”, and they are learning that shopping makes everything better..new stuff will take away that rough week..only it wont.

Harsh words, but let me ask again..who’s ready to break the cycle??

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Giving credit to your credit score

Everyone is always telling us to check our credit scores and there’s so many free resources out there. Even my five year old was on his IPAD and told my husband that he was checking his credit score. 😂

Credit scores are now used more than ever and go outside of credit cards and loans, to where now employers can screen your credit in the hiring process, and even your insurance rates can be affected. But does everyone know how you got the score you got and how to improve it if you don’t like the number you see? 👀

I remember trying to get a car loan in my early twenties, and being surprised when only one lender approved me with a 16% interest rate. I was really embarrassed about my situation and how out of control my finances were that I couldn’t even get a loan with a decent interest rate(which actually ended up being a good thing because it forced me to take a look in the mirror and get my shit together). 💩

At the time, I didn’t understand health insurance and had some medical bills go to collections, along with a few utility bills from when I was a renter and thought roommates had paid. I also had 3 credit cards that were all basically maxed out and a bazillion dollars in student loan debt. Of course the banks didn’t want to lend to me, nor should I have even been looking at buying a gently used car, but there I was. 🙄

A few months after this experience, I went through the Dave Ramsey total money makeover, and made several changes, including paying off the $15k of credit card debt and all of my small collections that were around $1,000 in total. My score immediately jumped from the low 600’s to 700’s, and within 3 years, it was mid 700’s when we bought our first home. I have continued to pay off my credit card at the end of the month and pay all bills and keep my DTI under control, which got me above 800 a few years ago. 🎉

If you don’t know your score, start there with a free report. If you do know it and don’t like it, start working on a s.m.a.r.t. goal to get where you want to be. 💪🏼

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