It wasn’t very long ago when the only credit cards I qualified for were the high-risk cards that charged a monthly fee, a yearly fee, or both. They were supposed to help me build my credit but at the time I wasn’t responsible enough to use them in that way. Instead, I used them to go out and have a good time rather than just focusing on credit building.
The interest rate was through the roof and because I always carried a high balance and only made minimum payments, my current balance barely changed. It was just like throwing money out of the window and it seemed like I’d be in debt forever and I probably would have, had I not decided to stop paying everyone.
Now, I do not recommend that anyone follow this tactic unless you have the will and the fortitude to withstand the onslaught of debt collection calls that will rain down on you like fire and brimstone. In my case, I had reached the end of my rope and I simply decided that in my current state, I would wait until my financial status improved and work on building my credit at a later date.
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