My $10,000 Cowboy Boots

Nice boots, huh? Very comfortable, too, considering how old they are. Were they worth $10,000 though?  Doubtful. Here’s the embarrassing story of these boots:

In 1980, when I was almost 23, and was about to graduate from college (on the five year plan), I made the life-changing mistake of filling out and submitting one of the credit card applications I received in the mail on an almost daily basis.  I thought I was really something, having my own credit card. I had worked almost fulltime during college, and I was painfully aware of how much money I didn’t have, after paying for school and books and supplies. But having that card in my wallet just made it seem so easy to buy…..anything!

So I walked into Georgetown Leather Design in Washington, DC one day, and there they were:  the most gorgeous boots I had ever seen, on sale for the then-astronomical price of $40.00. And they were size 8:  they practically called out to me as I walked in the store.  I tried them on and never took them off, stuffing my beat-up loafers into a shopping bag and paying with my brand new credit card.  Carrie Bradshaw never felt so good in new Jimmy Choos.

You’re probably doing the math, thinking, “Wait a minute:  $40.00 is nowhere near $10,000. What’s the deal?”  The deal is that after that first thrilling purchase of my lovely boots, I was, within a very short period of time (less than three years, to be specific), almost $10,000 in debt.  Ten thousand dollars!  Doesn’t sound like much today, but for someone earning an entry level salary, it was simply unfathomable.  I bought stuff, went out to dinner, had spa treatments, bought gifts for people, sent flowers, bought more stuff. And before I knew it, I had six or seven credit cards, and my debts amounted to almost $10,000.  I was too embarrassed to tell anyone, and I knew I had to stop.  After a particularly expensive Christmas shopping trip, I finally came to my senses, and realized how unbelievably stupid I’d been. By then I had decided to go back to graduate school, and the day I got accepted, I sat on the floor of my apartment, got out my huge sewing scissors, and cut every one of my credit cards up into tiny little pieces.  I could almost physically feel the weight lift from my shoulders, knowing I wouldn’t have them anymore. Of course, I still had to pay off the debt, which I did slowly and painfully over the next several years, but just knowing that I had stopped the financial hemorrhaging made me feel like a new person.  And you know what I have left to show for the $10,000 I spent?

One pair of cowboy boots.

Maureen Dolan Rosen

The moral of this story? Don’t use credit cards unless... You fully understand the implications of a credit card, and are capable of have a sense of discipline in using it.   You’re willing to seek (and follow) professional financial advice about how to manage your money.   You’re willing to learn from your own financial mistakes.   You’re willing to set and follow strict rules about your credit card usage.   You’re able to charge only what you know you can pay in full the next month.   You’re willing to get rid of the card if you can’t handle it!