Queer people are stressed about money, and a leading cause of that stress is debt, specifically from credit cards.
Yes, there are things that aren’t better when they’re bigger, and debt’s one of them. Whether to put food on the table or Prada shoes on our feet, maybe it’s time for a Queer Eye-style makeover on our queer wallets.
Debt is like borrowing your bestie’s Gucci belt. You know he’s gonna want it back, and he’ll probably ask you for a favor in return.
Debt is an IOU, meaning one person, place or thing owes another person, place or thing something, usually money. It lets us get something now that we can’t afford at the moment, with the expectation that we’ll pay it back plus a little somethin’-somethin’.
That somethin’-somethin’ is usually interest, and she’s a bitch!
For example, some credit card interest rates are over 23%. So let’s say you borrow $100 to get your own Gucci belt. If you don’t pay that $100 off for an entire year, it’ll cost you $123. Wait two years and it’ll cost over $151. That, my dear, is called compounding interest. The more you buy on credit, the bigger your total owed grows and the more compounding hurts you — and not in a good way.
That Gucci belt’s looking even more expensive.
There are as many reasons as to why we get into debt as there are ’80s pop icons on retirement tours. Although we were told growing up that “everyone’s a winner,” we aren’t all paid like winners. Plus, with everything from college to rent being stupid expensive and many LGBTQ people being on their own since high school, it’s a perfect storm for financial stress.
We could go on, but this is an article, not a novella.
The Queer Money podcast tells you how to beat debt
The best way to become debt-free is to stop acquiring it. Then make your existing debt more affordable by lowering your current interest rates, as interest is the biggest cockblocker to becoming debt-free.
We’ve got your back here. This podcast gives a great step-by-step on how to lower your credit card interest rates.
Lastly, create a plan to pay off your debt. Get this exclusive calculator to find out how fast your plan will make you debt-free.