This Mom Stops Paying Credit Cards, Chooses Financial Freedom Over Credit Score

This Mom Stops Paying Credit Cards, Chooses Financial Freedom Over Credit Score

As financial pressures mount for many around the world middle classThe impact of inflation, despite reports of a slowdown, continues to put a strain on personal finances.

Against this backdrop, Brandi, known as @miss.brandiii on TikTok, drew attention to the harsh realities many face when managing their finances. Brandi, a mother of two and working in sales, took a bold stance by choosing not to pay her credit card bills, instead prioritizing her basic needs.

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In a viral video, Brandi shares her decision to forgo credit card payments, a choice driven by the need to allocate her limited resources to basic needs. “I don’t care what shit I bought last year or six months ago or when I swipe the credit card. Thanks for letting me have this thing. I don’t have the money to pay you right now,” she said. This revelation came after she decided to turn off autopay on her accounts, leading her to receive calls from the credit card company, threatening to send her accounts into collections.

Despite having an income, Brandi hasn’t paid her credit card bill in seven months. She highlighted the economic challenges of managing her basic needs and credit card payments.

In the video, Brandi shares that she consistently avoids calls from creditors. However, she details one particular incident in which she inadvertently received a call from Teresa, a representative for a credit card company – she couldn’t remember if it was Credit One or Capital One. Brandi recounts this conversation vividly, emphasizing the relentless nature of the collection efforts.

During this conversation, the implications of his unpaid bills on his credit score were discussed. Brandi’s response to Teresa was both poignant and dismissive, highlighting her current financial indifference. After Teresa threatened to send her account to collections that would ruin her credit, Brandi responded with her answer.

“Teresa, don’t you know that not paying your credit card bill causes your credit to drop? Might as well take away my credit rating and put her out of her misery,” she said.

Brandi questioned the relevance of her credit score, given her inability to afford major purchases. “Do I look like I’m buying a house?” Do I look like I’m buying a car? Do I feel like I can afford to buy anything again? »

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She asked the credit card company to forward her debts to collection, signaling her resignation over her financial situation. “Teresa, I’m going to save both of us some time here…just send it to collections now because by next month, when you keep trying to call me, nothing is going to change. Nothing. Sorry about that but thank you for everything I bought with the credit card. I don’t know what to tell you. And it will also be part of the collections,” she said.

Brandi’s spending priority was clear: essentials like food, housing, car payments, insurance, medicine, and clothing took precedence over her credit card debt. His statement: “I’ve been in collections my whole life” speaks volumes about his long-term struggle with debt.

In the fourth quarter of 2023, Americans are saddled with a whopping $1.129 trillion in credit card debt, marking a record since tracking began. This situation highlights the growing challenge many people face in managing credit repayments amid rising costs of living.

Delinquency rates, an indicator of financial stress, have increased, with 3.1% of outstanding debt entering some stage of delinquency at the end of December. This trend is particularly pronounced among younger and lower-income households, suggesting rising financial pressures among these demographic groups.

The average household credit card balance is $10,263, reflecting the widespread impact of these financial challenges on the American population. The average balance is up from last year, indicating a significant burden for many American households, especially when you add in an average annual rate (APR) on debt accumulation of 22. 75%.

These statistics are more than numbers; they reflect the real-life struggles of individuals and families who must deal with the complexities of financial management in difficult times. As households struggle to balance essential spending amid rising debt and interest rates, stories shared across social media platforms highlight the urgency and severity of these financial challenges.

Individuals and families may find it beneficial to seek advice from financial advisors. These professionals can provide personalized strategies for managing debt, optimizing spending, and planning for future financial stability. This expert advice can be especially crucial for navigating the complexities of high-interest debt and budgeting to ensure essential expenses are covered without exacerbating financial stress. Consulting a financial advisor could pave the way to financial health, offering personalized advice that takes into account each household’s unique circumstances and goals.

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*This information does not constitute financial advice, and personalized advice from a financial advisor is recommended to make informed decisions.

Jeannine Mancini has written about personal finance and investing for the past 13 years for various publications, including Zacks, The Nest, and eHow. She is not a licensed financial advisor and the content herein is for information purposes only and does not constitute and does not constitute or intend to constitute investment advice or investment service. investment. Although Mancini believes that the information contained herein is reliable and has been obtained from reliable sources, there are no representations, warranties or undertakings, stated or implied, as to the accuracy or completeness of the information.

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This item “Might as well take my credit score and put it out of its misery” – This mom stopped paying by credit card and has no regrets originally appeared on Benzinga.com

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