When I was 22, I was in a Victoria’s Secret buying a new bra when I was offered an interesting proposition (though not like Penthouse forum letter interesting so… don’t get too excited). They told me that if I got a Victoria’s Secret credit card then I would get two free bras! All I had to do was sign up (I’d be approved in seconds, so easy!), and put this purchase on the card. Which, you know, I was about to pay for anyway, so I could easily pay it off online, right? That would be all it took to get two free bras. That was like $120, for doing nothing! How do you turn down that? I thought. So I signed up for my first credit card. And happily walked away with my purchase knowing that I had made an incredibly smart financial decision.
Then, I promptly forgot about that credit card, and did not think about it again for several years.
But wait, you mean AFTER you paid off that $48 dollars that you put on it, right? You paid it off, got your bras, and then never thought about it again?
NOPE. I left the store, and never let the thought of that credit card enter my brain again. That is, until I checked my credit score a couple of years later. That’s when I saw that my credit had tanked, and that I owed lots and lots of money on a Victoria’s Secret credit card that I had only a vague memory of opening.
But…didn’t you get a lot of bills and notices, collection letters and the like?
Presumably. But when I made that absolutely terrible decision, I was traveling around Montana. I didn’t have a permanent address and so….I have no idea what happened to those letters. I’m sure they went…somewhere.
So, in exchange for $120 dollars in bras, you ended up with hundreds of dollars in debt and bad credit?
Not quite! I never got the bras so….I got all that in exchange for absolutely nothing!
That’s really sad.
Yeah, yeah it is.