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this post was submitted on 30 Jul 2025
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for sure. I was in a jam as a young adult once and got into some trouble with CC debt. not astronomical, but managed to run up about $6k worth of debt while unemployed. took me a lot longer to dig myself out than it did to get myself in, of course, and it was an instructive experience on how belt tightening is as much a critically useful skill as understanding the sort of retail financial products offered to regular people and how to decide to use which ones for what purpose.
maybe 10 years later I was in dire circumstances again, but the hole i dug was far more manageable, and I used a combination of student loans debt + a debt balance transfer mediated through a credit union to pop out rapidly, only converting a small fraction of it (at high interest) to a much lower interest subsidized loan.
credit is the primary tool capitalists use to grow their wealth, but it requires a significant investment of time and energy to understand how and when to wield it so it helps you, because the general / default form of retail credit being promoted to us is full of traps.
having that tactical experience/understanding and the strategic understanding of Graeber's book on debt changed my self understanding of debt pretty significantly. because rejecting the taking on any and all forms of debt is understandable, but is also disempowering when stuck operating in this capitalist hellacape.