How Long Did It Take Me To Max Out My First Credit Card

Yesterday, I shared what was the first charge on my first credit card. That first month, I charged about $125.

According to the next month’s statement, I paid $80. Not quite paying the balance in full, but not paying the minimum payment ($20), either. But I turned around and charged an additional $215 on the card. By the end of December 1995, the card was basically maxed out with $22 left in available credit.

Three months was all it took.

Oh…what I would tell my 18 year-old self if I had a chance. I’m not sure it would have done much good, though. I should have known better. I like math – I should have realized what an 18.15% interest rate meant.

Anyways, what’s done is done. I never want to max out another credit card again.

Posted by Tricia on January 29, 2008 at 11:10 PM in Credit Cards | 9 Comments »
You can leave a response or trackback from your site.

Newer Posts Older Posts

Ryan S. responded:
Posted: January 30th, 2008 at 2:56 am
Gee, talk about starting small… but I’m so glad you’ve decided to attack your debt!
-
Ryan
http://uncommon-cents.net/
Frugal Dad responded:
Posted: January 30th, 2008 at 6:34 am
I maxed out my first card at 20. I had just started working for a bank and their employee rate was too good to pass up. I promptly opened a $2,000 card and consolidated my other balances. And so it began – I should have cut up those cards, but I didn’t, and soon ran those back up either.
SavingDiva responded:
Posted: January 30th, 2008 at 11:42 am
I dont’ think I’ve ever maxed out a card, but I had much higher limits.
Mrs. Micah responded:
Posted: January 30th, 2008 at 1:22 pm
Credit cards sound so easy–not having to worry about paying it all off now. I’ve never actually had one, so this is mostly theory. I’ll remember this if I ever get my own.
Al responded:
Posted: January 30th, 2008 at 4:48 pm
Came across your blog and enjoy reading it. It makes me feel better, having no consumer debt (sorry!) I couldn’t help but wonder, and I went through the archives with no luck, how you amassed so much CC debt?? (Though, admittedly I found a post about how you smoke, and I have very little sorrow for people in debt who fork over money for smokes {now, and in healthcare later.}) Good luck anyway, though!
MVP responded:
Posted: January 31st, 2008 at 7:06 pm
Okay, here’s my cc confession: I can’t say I ever maxed out a card, but I’m definitely guilty of abusing them. I got my first cards in college (one my mom gave me – it had a low APR, but I still had to pay it), mainly for emergencies, which of course turned into my travel/party/need-a-new-dress fund. I charged a couple trips to Mexico and music festivals as a poor college student, and I lived on them during the lean post-college, low-paying internship days. Once I got my better-paying, full-time job, I was into the single-girl life and used the cards mainly for car repairs, weekend ski trips (hey, how’s a girl gonna meet someone if she just stays in her apartment all day?), and of course those emergency designer shoes! Then I got smart. I added up all the debt, got temporarily depressed, then realized it wouldn’t be long, if I kept it up, before I wouldn’t be able to pay my bills, and I had no one to bail me out. So I got on Dave Ramsey’s plan and the rest is history. No more ccs for me!
Catherine responded:
Posted: January 31st, 2008 at 9:30 pm
Tagged you on the 123 book meme!

Only maxed out a card once, while I was waiting for the money to come through after my car was totaled. That was a rough winter. Since then, I’ve never been able to max them out, because as soon as I got close, they raised the limit! (I’m much better now…)
Cynthia responded:
Posted: January 31st, 2008 at 10:48 pm
I don’t have any of my records from way back then. I wonder what my first charge was. I don’t think I’ve ever maxed any out because like Catherine, they always upped my credit limit whenever I got close! At least now I have all this available credit and a rapidly shrinking balance – that looks better on the credit report, right!?!
Tabitha responded:
Posted: December 22nd, 2008 at 6:19 pm
Hey Tricia! Hindsight is 20/20. Don’t beat yourself up over the past – you have an amazing future ahead of you! Your blog is so inspiring, thank you for sharing it with everyone (even those who can’t comment nicely). You ROCK!