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She got her first credit card at the age of 19.
So I went into it knowing I needed to build credit.
I wasnt going to make the same mistakes as my parents, who werent very responsible.
I went into it being really, really smart and responsible.
Then, every month, I would pay back that amount, she said.
Going out to eat is the same as getting groceries for the week, especially with two kids.
Every last of our pennies go to bills.
Thepast four yearsshe said her debt has gotten out of control.
Even though she doesnt have as much debt as other people she knows, its still scary.
Now, between two credit cards, shes carrying a debt balance of over $10,000.
The Mystery of Interest
She finds it confusing how interest accrual works.
I still dont really even know what that means.
I dont know what to look for in a card.
Another surprise is that despite carrying balances, her credit limit keeps increasing.
Thats partly what led to her spiral into debt when she was out of work.
But it didnt take much for that bit to add up.
They just keep increasing my limit and I have thousands more to spend.
They just keep trying to make me go deeper and deeper into debt, she said.
Were trying to instill in them what we werent taught about this stuff, she said.
If youre facing debt that feels unmanageable, there are always options beyond just paying interest forever.
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