Go from anxious to confident with your money. Crisis proof your finances here.

Paying Off Credit Card Debt for Good!

  September 4, 2018  |    #Eliminate Debt

Paying off credit card debt

The 25-34 demographic identified ‘paying off debt’ as their number one financial concern. Hear three gay men’s stories of paying off credit card debt for good and join us in becoming debt free by clicking here.

3 gay men’s’ stories of paying off credit card debt for good:

Paying off credit card debt and the queer community

Why do so many of us in the queer community overspend, using high-interest credit cards to keep up with the gay Joneses? And what can we do to paying off credit card debt once and for all?

Kerrie Roberts is the Social Media Manager for Experian, one of the ‘Big Three’ credit-reporting agencies. In his role, Kerrie oversees content creation on all Experian-owned social channels, collaborating with creative partners and driving community engagement. Not unlike us, Kerrie has 14 years of experience in the financial services industry. Also, like us, he has also struggled to pay off crippling credit card debt. Twice.

Today, Kerrie joins us in sharing our personal stories behind the numbers. We discuss how a lack of self-worth led to picking up the tab for friends and why we spent money we didn’t have to fit in with friends in the LGBTQ community. Kerrie describes his experience coming out of the financial closet on The Suze Orman Show, explaining how her tough love served as the wakeup call he needed.

Get our insights on changing the definition of the ‘fabulous gay man’ and learn the steps the three of us took to get out of debt—for good!

Topics covered about paying off credit card debt

Kerrie’s personal experience with debt

  • A credit card in college, paying for activities with friends
  • View as ‘free money,’ struggled to make minimum payments

The idea of paying the tab for friends

  • Viewed as generosity, being a good person
  • Stemmed from lack of self-worth
  • Desire to win over straight friends

Why we spent money on credit cards

  • Create lifestyle felt deserved
  • Fit into the gay community
  • Seeking validation

The mistakes that got us into debt

  • Spent $500 on clothes for a night at a dance club
  • Mercedes at nearly 30% interest rate
  • $180 bottle of Stoli to impress friends at the bar

What the LGBTQ community overspends on

  • Travel, dining out, clothing and entertainment
  • Wants rather than necessities

Kerrie’s experience on The Suze Orman Show

  • Back in debt maintaining extravagant life after a breakup
  • Wrote in for advice, landed an appearance on the show
  • ‘Came out of financial closet’ on television
  • Public nature of admission served as a wakeup call

What we did to stay out of debt for good

  • Conscious mindset shift
  • Software tools to track spending
  • Get real about spending for self-worth

Why gay men may struggle more than the general population

  • The perception that should have fabulous clothes, trips
  • Make up for lost time
  • Carpe diem mentality (AIDS crisis)
  • Seeking validation

How we can change the definition of the ‘fabulous gay man’

  • Honest conversations about financial lives
  • Get real about what’s important to you
  • Stop superficial spending to impress others

Our guidance around developing better spending habits

Hear how husbands Fred & Rich are paying off credit card debt fast:

Connect with Kerrie

Resources for paying off credit card debt

Hear how Nathan and his husband have paid off over $60,000 in debt:

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Go from anxious to confident with your money. Crisis proof your finances here.