Released: October 15, 2006

Climbing out of debt is difficult process

Source: By Michael S. Rosenwald, Washington Post (Free Registration)

Our mistakes take many forms. Relationships. The dreaded foot in the mouth. Oh, and money. Like the time I found myself in line at my college’s student union, waiting for a Western Union money transfer from my father.

A few hours before, the lights in my apartment had gone out. A few days before that, I got a certified letter from my landlord, who was not just saying hello. The problem: I had spent too much of my paycheck on beer and sandwiches at Jimmy John’s and failed to account for essentials, such as the electric bill and the rent. I was flat broke.

I called my father and begged for help, telling him I needed lights to study, not to mention a place to study. After some grumbling, he wired $500 to the campus branch of Western Union. When I signed for the cash, the woman at the counter said it came with a message. Stripped of some colorful adjectives, my dad’s message was clear: Learn how to manage your money!

That slip-up years ago certainly wasn’t my last one involving money, and heeding my father’s advice has occasionally been a struggle. But I draw comfort in knowing that I’m hardly alone when it comes to making financial blunders.

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