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A Debt Pay Off Success Story You Shouldn’t Miss

Debt Pay Off Success

According to a recent study conducted by Experian, the 25-34 demographic identified ‘paying off debt’ as their number one financial concern. Forty-nine percent of 25- to 34-year-old LGBTQ respondents also reported having bad spending habits. Hear three gay men’s stories of paying off credit card debt for good and join us in becoming debt free.

3 gay men’s’ stories of paying off credit card debt for good:

[click_to_tweet tweet=”If we’re honest and having conversations with depth about who we are and how we live from a financial perspective, it would change a lot. A lot of people would know that shininess over there isn’t really shiny when it goes home. – @kerriesaun of @Experian” quote=”If we’re honest and having conversations with depth about who we are and how we live from a financial perspective, it would change a lot. A lot of people would know that shininess over there isn’t really shiny when it goes home. – Kerrie Roberts of @Experian”]

Paying off credit card debt and the queer community

Why do so many of us in the queer community overspend, using high-interest credit cards to keep up with the gay Joneses? And what can we do to paying off credit card debt once and for all?

Kerrie Roberts is the Social Media Manager for Experian, one of the ‘Big Three’ credit-reporting agencies. In his role, Kerrie oversees content creation on all Experian-owned social channels, collaborating with creative partners and driving community engagement. Not unlike us, Kerrie has 14 years of experience in the financial services industry. Also, like us, he has also struggled to pay off crippling credit card debt. Twice.

Today, Kerrie joins us in sharing our personal stories behind the numbers. We discuss how a lack of self-worth led to picking up the tab for friends and why we spent money we didn’t have to fit in with friends in the LGBTQ community. Kerrie describes his experience coming out of the financial closet on The Suze Orman Show, explaining how her tough love served as the wakeup call he needed. Get our insights on changing the definition of the ‘fabulous gay man’ and learn what steps the three of us took to get out of debt—for good!

Topics covered about paying off credit card debt

Kerrie’s personal experience with debt

  • Credit card in college, paying for activities with friends
  • View as ‘free money,’ struggled to make minimum payments

The idea of paying the tab for friends

  • Viewed as generosity, being good person
  • Stemmed from lack of self-worth
  • Desire to win over straight friends

Why we spent money on credit cards

  • Create lifestyle felt deserved
  • Fit into gay community
  • Seeking validation

The mistakes that got us into debt

  • Spent $500 on clothes for night at dance club
  • Mercedes at nearly 30% interest rate
  • $180 bottle of Stoli to impress friends at bar

What the LGBTQ community overspends on

  • Travel, dining out, clothing and entertainment
  • Wants rather than necessities

Kerrie’s experience on The Suze Orman Show

  • Back in debt maintaining extravagant life after breakup
  • Wrote in for advice, landed appearance on show
  • ‘Came out of financial closet’ on television
  • Public nature of admission served as wakeup call

What we did to stay out of debt for good

  • Conscious mindset shift
  • Software tools to track spending
  • Get real about spending for self-worth

Why gay men may struggle more than the general population

  • Perception that should have fabulous clothes, trips
  • Make up for lost time
  • Carpe diem mentality (AIDS crisis)
  • Seeking validation

How we can change the definition of the ‘fabulous gay man’

  • Honest conversations about financial lives
  • Get real about what’s important to you
  • Stop superficial spending to impress others

Our guidance around developing better spending habits

  • Distinguish between wants and needs
  • Consider needs 10 years from now
  • Adopt financial habits (i.e.: Mint, Honeyfi)
  • Set financial goal and socialize it

Connect with Kerrie

Resources for paying off credit card debt

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