So, you are all aware of the problem I have with Target and its unbearably close proximity to my wallet. I wish I could say that the problem is a “new” one, or that until recently, I had never heard of this store that causes your wallet to malfunction and dump its contents on the conveyor belt.
But I can’t.
My irrational attachment to this store goes back to the late 90′s when I was a wee lass in college. One particular Christmas, I was broke. No money to be found. I was juggling school full-time and work full-time and any money I made was just put right back into bills.
So I did what any defeated sane person would do, and I opened up a store credit card with the bullseye store. Hey, I thought, now I can buy everyone I love a Christmas gift! Problem solved!
I signed up for the card, and went on a tear through that store. Money was no object. Hey, that’s what credit limits are for, right? This, that, and the other were thrown into my cart with nary an eye glancing at a price tag.
Christmas came and presents were handed out and everything was all right with the world.
Except it wasn’t.
The bill came and my gleeful shopping spree now was nothing but a bitter taste in my mouth. I was disgusted with myself for getting caught up in a gift-giving cycle that left me feeling shameful.
Why had I felt the need to do this? No one forced me to open this card and buy all these presents I couldn’t afford. I didn’t have an answer to explain my behavior. But I knew enough at that point to calmly grab the bullseye credit card and…cut it up.
I never used that card again.
It took me quite awhile to pay that darn card off, but I did it. Every single penny. I canceled the account and swore I would never open a store credit card again. And to this day, I have stayed true to my word.
Financial lessons are sometimes tough to learn, especially around Christmas. Giving presents should not cause you to go into debt.
I had to learn this lesson the hard way.
I think that has happened to almost everyone at one point or another. I know it certainly happened to me. I ran up credit cards several times then hated myself as I paid them off each time. Sometimes you just have to learn the hard way.
You do have to learn the hard way unfortunately, when it comes to finances. Otherwise you just keep yourself mirred in debt
I think this has happened to many people. It did to me, which is why we do so much of our shopping with cash instead. I agree that debts should never cause debt. They then cease being gifts and become a burden.
“They then cease being gifts and become a burden.” Yes, exactly!
This happened to me when I was younger. I signed up for a store credit card with an electronics retailer. New TV and camera for all! Sigh. I was paying that off for the better part of a year…
When we are young, I guess one doesn’t think of the consequences. I know I didn’t…
We all make silly mistakes. I’m glad you learned your lesson before getting into another mess. My brother was one of those people who got into one mess after another. He was so depressed at one point from all of his credit card debt that we had to have a family talk to get him straightened out. Come to think of it, I’m not even sure how he got out of his debt.
I am glad I learned my lesson as well; some people never do!
Often the best financial lessons are learned the hard way. I certainly know mine have been.
Nice site btw
I agree; sometimes you do have to learn financial lessons the hard way.
Thank You!
I’m so there with you on learning this lesson the hard way! Now I use only 2 store cards simply for the rewards but they are literally paid back the day after the charges post to the account–I schedule the auto payment, and I refuse to carry any type of credit balance.
I’m so happy to hear you’ve worked through this and aren’t making the same mistakes over again–kudos; it’s harder to do than some realize!
It seems many people use cards for the rewards!
I’m glad I learned my lesson with credit; it’s no fun to owe money.
Ugh and store credit cards have the highest interest rates too, so in the end, depending on how long it took you to pay it back, the interest probably made those gifts double or triple the cost. But everyone has been there is some way or another. Live and learn! What is it about that damn store?!?
Yeah, I probably did pay for those presents twice over will all the interest
That store is like catnip, I swear. I think we all get hypnotized by the giant red bullseye!
I’ve never opened a store card, thank god. When I was younger I was pretty irresponsible with my credit card but I think store cards were less common back then.
I think everyone at some point has spent more than they can afford, on credit cards. Must be some sort of right of passage to becoming an adult
oh hey, live and learn
Yup, that’s how I see it
I’ve had just about every store card there is to have, so I can relate. It’s fun until you get that January bill. I won’t ever go that route again.
Me neither. Ugh…