I’ve been candid about my debt journey over the past year as I’ve acknowledged working to get out of $30K in debt as a young founder. Most of the debt was accumulated back when I lived in Boston and was doing TV segments every week to make a living to be able to pursue blogging. BUT, most of the time I wasn’t paid for 30-60 days so in the moments I’d have to buy food (bananas all day everyday!) or pay my rent, I’d put those expenses on a credit card until I was paid. The cycle became more and more negative for me because once I’d get paid, I’d have to take the money to fund my life at that point, without being able to pay off what I had put on the cards in the 30-60 day time period.
Sharing my story about debt is so personal, and I hope that it helps you understand the downsides of credit cards. Most importantly, be smart with your money. Have savings. And if you get to a point where you realize you’re in debt like I was, take care of it.
Read the full piece here.