My Consumer Debt Cherry
Today I received a check in the mail from my credit card company. It's a balance transfer check in the amount of one-and-a-half month's expenses. I have a zero percent interest rate on this loan until December of 2008. Plenty of time to pay it back, unless of course, I miss a payment, in which case the rate skyrockets to the prevailing APR of upwards of 17%.
This instance represents the first time I have ever assumed credit card debt, and I'm actually kind of thrilled to be popping my consumer debt cherry. It's almost a rite of passage among filmmakers to max out multiple credit cards to finance a film project. So I feel like I'm earning my stripes.
But I come from a particular socioeconomic background, and telling my friends that I am running up a credit card debt to finance a personal sabbatical is akin to telling them that I am aborting the fetus inside my uterus. It doesn't go over so well, needless to say. I get a lot of winces and pained looks. Everyone insists on paying for my meals when I'm visiting, which is very endearing, but an incredible overreaction. I have an unlimited monthly yoga membership AND a gym membership, for crying out loud. Does that sound like poverty by any definition of the word?
While I was in San Francisco, my friend Vij asked me, "What if you can't pay the card off in time?"
"No problem, Vij," I say. And then I serve it raw.
"I'll just liquidate my Roth IRA."
I really think he was about to cry. Poor Vij.
This is a guy who is carrying six figures of debt from medical school. And I'm only going into a measly four figures for hollywood player school!