When Kevin Inkell was a service technician in his teens, he decided he had to have a state-of-the-art toolbox. He eagerly awaited each visit of a tool company representative to his dealership's shop. In their fancy trucks, the persuasive salespeople displayed the latest, greatest, shiniest tools to the techs. Money was no object to Mr. Inkell. That was the problem.
"I was 18 years old, living at home with Mom and Dad, with maybe $200 a month in expenses," recalls Mr. Inkell, now 39 and a veteran tech at Arrigo Dodge-Chrysler-Jeep-Ram in West Palm Beach, Fla.
"I started to pull credit lines from all the tool guys," Mr. Inkell said. "I had $10,000 here, $15,000 there, $8,000 at another. I just went on the truck and said, 'I want this, this, this and this.' I handed the tool guy my credit card and told him to charge it."
Despite working what he calls "crazy hours," paying back as much as he could and at one point returning $8,000 worth of tools he had bought, Mr. Inkell amassed tens of thousands of dollars in tool and interest charges. Coupled with an on-the-job injury and the costs of a subsequent marriage and divorce, the tool debt Mr. Inkell couldn't repay forced him to declare bankruptcy.
Today, Mr. Inkell is out of debt and his credit score is good. He owns a customized toolbox that sells for $17,000 — empty. He counsels younger techs at his dealership, relating his own experience, accompanying them aboard the visiting tool trucks, urging them to avoid taking on finance charges.
"I ask them, 'What do you need versus what do you want?'?" he says.