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What Charge Started $37,000 in Credit Card Debt?

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My relationship with credit cards started when I was a freshman in college and I completed an application in return for a candy bar. Not too long after getting that shiny credit card in the mail, I used it.

I don’t remember what that first charge was, but with a little digging I was able to find a copy of my very first credit card bill. In all, during that first month I charged $125 and my card had a $500 limit.

So what was that very first charge? Did I go bonkers and treat my friends to Pizza Hut? Did I go on a clothes shopping spree?

I…paid…a…bill! My telephone bill at the dorm!

I thought for sure my first purchase would have been something very irresponsible for an 18 year-old with a new credit card. I have to admit – I am very surprised.

But wait – eight days later, the shopping spree began. The next two charges were to a local card shop. I know exactly what those charges were for…Magic the Gathering cards. I spent quite a bit of money on those cards and so did the people I played the game with.

The next charge was for a little over $30.00 and was made at K-Mart. I probably bought some clothes. Another charge for my telephone bill and a charge to the campus bookstore for some supplies rounded out the rest of my very first credit card bill.

I plan on digging up more old statements and taking more trips down debt memory lane. As I come across interesting tidbits, I’ll share them here. I think Cleverdude is right about writing your autobiography through spending.

In a way, I’m a little nervous to look through the old statements. I often think that you need to let go of your past mistakes and move forward. But I have a strong urge to dig into our past spending. I almost wonder if it is because we are getting closer to paying off our debt and I want to make sure that history doesn’t repeat itself once our cards are paid off.

From ING Direct – Bank Fees are Like Financial Wedgies

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I was snooping around the ING Direct website a little bit today, and I came across the page that lists their current outdoor advertising. I got a kick out of some of the slogans they are using for their savings account so I thought I would share my favorites:

“Bank fees are like financial wedgies.”

“Bank fees. Like a screen door on a submarine.”

You can click here to see all of them.

We’ve been fortunate because our current banking institutions do not charge fees for normal everyday use. But in the past we did have a savings account that earned interest, but would charge us a fee when the account dropped below a certain balance (which it sometimes did). Needless to say, we no longer bank with them.

No more financial wedgies for us LOL 🙂