Confessions

I Was Broke But I Bought Air Tickets And Hotel Stays With My Credit Card. I Paid Back Six Months Interest

It was holiday season and everyone seemed to be travelling. I was feeling stressed at work and needed a break.  So what I did was I bought air tickets and accommodations for my trip using my credit card. I knew I had no savings at that point to afford for a trip.  It was certainly a YOLO decision. I packed my bags and left for holiday a week later, feeling so carefree about the decision. My credit card bill? It will come by the end of the month so why stress now.  I had so much fun during the trip I also spent money on some “gifts” for myself, charged to my credit card. But little did I know what was in store for me.  When I returned and a couple of weeks later I received my credit card bill. I realised that I went seriously overbudget.  I thought I had my salary to pay back, but then I realised that my salary was needed for me to pay for my monthly expenses and bills due from the previous month. I decided to just pay the minimum fee for my credit card as I didn’t have enough money.  The next month when I received my credit card bill, I realised that I had to pay about US$100 worth of interest fees!  Fast forward half a year later, I was finally able to pay back all the trip costs. My friends want to go for another trip again! This time I am opting for more budget friendly options and using money from my holiday fund instead. This article is part of TSS Confessions, a weekly column where we delve into personal finance topics that are unscripted and genuine real accounts from people.