How I Dug the Financial Hole I’m Standing in Right now. Part I

I’m one of many immigrants that moving to the United States was the path to take to build a better and brighter future. There was a twist though. Unlike many of my fellow immigrants, I was born in the USA of America. When I was only a baby my parents took me and my sister on a family vacation back to El Salvador. What was suppose to be only 3 weeks became 18 years. Let’s say that immigrations laws were very different then and my dad believed that he had been forgiven for entering the country illegally in the early 80’s. Nevertheless, my path to the American dream seemed easier, I mean come I’m a citizen! No need to hide. Anyways I can probably write a whole blog about this. Let’s get back on track.

My world became 100 times bigger when I landed at the Dulles Airport in Virginia. “Only success is waiting ahead!” I recall thinking. I spent my first year working at a cleaning company in Washington D.C and taking ESL classes at Montgomery College. I felt that I was taking the right steps and that I was doing all the right things to achieve my goal, the American dream. I was already planning what classes I would take after I was done with my ESL courses. I was so excited to be n college I felt smart, worthy. I had no idea what career path I was going to follow but whatever it was I was going to graduate no matter the obstacles. Oh man and what obstacles they were.

I was saving a little I could’ve saved more but I was so englamour with the fact that I was able to buy all of those brands that I used to see in TV back in El Salvador. Nike, Adidas, Reebok, Tommy and the list goes on. The millions of dollars these companies spend on marketing every year worked on me. I was hooked even before I knew it. It became a problem, I felt that I needed to drop $100-$200 per paycheck at the mall. Remember I was working for a cleaning company in D.C so I wasn’t per se ballin’ but I made sure I looked like I was. My english got better after only a year of living in the U.S I was able to hold conversations and felt confident enough to look for a new job. I got a job as a busboy at an Italian restaurant and three months later I was moved up to serve tables. Now I was ballin’ or I least I thought I was. I was making $1,000 to 1,500 more per pay period. If you are not aware in any major city in the United States working as a server or bartender means that you’re making the average or above the average income unless you live in San Francisco of course.

Things were looking up I was about to take my final ELS class, EN 101, this was a big deal. I was making enough money to pay my bills, buy my clothes and save a little. I was golden. One morning I received my first credit card offer, I had become worthy enough to apply for credit! Which meant I would be allow to spend someone else’s money and pay interest on things I can’t afford. Ha. Of course that was not what crossed my mind then. I had heard that you needed to build credit to do things like buying a car or a house. However, nobody ever told me how dangerous credit cards were. I applied for the card and I was approve for $200 and I remember feeling so happy I felt that I was really becoming part of this country, part of the system. I was but I did not know the consequences. I still remember the first thing I bought with that credit card, a chicken parmesan and spaghetti with marinara sauce lunch on my day off at the restaurant I used to work. My co worker said ” new credit card, congratulations” I wonder now if he was being sarcastic or not.

My credit limit increased to $500, $1,000 then $1,500. I was paying more than the minimum payment every month I had it under control. So I thought. The monthly payment kept going up every month and every month I kept spending more. “Why would I spend my cash if I have credit?” I remember thinking. I remind you I was spending my money on clothes and electronics at that point. I was not 21 yet. It never felt overwhelming I was making enough at the restaurant to pay it off. I just needed to control my shopping addiction. Addiction let that sink in, I did not know it was an addiction and I needed help to stop.

You would think that since I wasn’t spending my cash, only my credit that I had money saved to pay my credit card off at once. Addiction blinds you and does not let you see the reality of the situation, of any situation. I was also spending my cash I had maybe $100 saved in my savings account. Still though it was only one card it was manageable, until… I was offered a department store credit card for a men’s clothing store with a great 25% interest. I applied and I was approved for $2,500! I felt that I had made it my credit was large I was part of the system! I started using right away.

I decided to not take the last ESL course. I was working late hours I was making good money I started dating. I thought I could wait because I was not sure what I wanted to major in. I regret that decision now. School was the only thing keeping me a float and on the path I started when I first immigrated to the U.S. I was never taught financial literacy in El Salvador or here in the United States. The hole was not big yet but I was starting to dig and there was not help to be found. I kept digging hard with my new card.

Let us take a break here and will continue in my next post. Remember you’re the only one with financial problems. It needs to be ok to talk about it and look for help. There needs to be financial education in our school systems. I’m not a financial advisor or a CPA or even a writer. I’m only sharing my experience with the world in hope people can relate and reach out.

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