Peter Pham’s Biggest Spending Mistake
The current CEO of Billshrink, Peter Pham, was previously Vice President of Business Development at Photobucket.com. Peter was the 5th employee of a growing startup and had responsibilities including driving user acquisition, strategic partnerships, and corporate development which lead to an acquisition in 2007 by Fox Interactive Media, a division of News Corporation.
When Peter left in 2008, Photobucket had grown to over 61M users making it the #1 photo sharing site and the 38th most visited site in the US. Prior to Photobucket, he was in the enterprise space for over 8 years being involved in multiple startups in areas such as mid-range server computing, software as a service, solid state storage, and mobilization of enterprise software. Peter has had many roles including sales, marketing, reseller channel development, product, and strategy. He holds a Bachelor’s degree in Biological Sciences and a minor in Business Management from the University of California, Irvine.
Question: What has been your biggest spending mistake?
Peter Pham: College. You know, I was in college and I was one of those first credit card you get not really knowing a lot and ran up my credit card debt quite a bit. Essentially, paid for my college experience, but regretfully not understanding interest rates. I mean, compound interest, penalties, and minimum payments don't last forever. That was the big, big mistake and I hope to educate as many people as possible to not get in the same trap. Coming out of that, I've learned a lot around how credit cards work and how the credit card industry actually is a profitable industry. For me, now, it's how do I get the most out of my mileage? I travel a lot; I use my credit card a lot and so I'm kind of getting back by making sure I have the best credit card in my wallet and being sure I'm earning the most amount of points.
Recorded on November 4, 2009
The founder of Billshrink on getting caught in the trap of credit card debt.
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