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Credit Cards, Student Loans and Financed Cars ... Oh My!

By Rini in TX

I met my husband a year before I graduated college. He came with three kids from a previous marriage, who lived 1,300 miles away with their mother.

Since I was about to finish my degree and make "lots and lots of money" as a computer engineer (actual starting salary: $52,500), we spent our future selves' money on plane tickets, eating out, and activities with the kids. In all, we racked up $20,000 in credit card debt—in addition to our student loans and financing two cars (one of them at 18% interest).

At the time, I was convinced that this debt would be "no problem"—that we'd pay it off in six months to a year after I started my shiny high-paying job. (Obviously my math blinders were on—the debt we acquired was more than my entire annual salary!)

I did graduate, and I did get the job—just in time, as our credit cards were all maxed out and my credit score had plummeted. Two years later, we have paid off less than half the debt we acquired in that year.

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About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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