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What advice would you give to a young adult about credit cards?

 
Anonymous

Asked by Anonymous at 11:01 AM on Mar. 2, 2010 in General Parenting

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Answers (5)
  • i was a college kid with credit cards. they seem to fly into your mailbox in certain school-driven towns. i opened a few a stores to get the "special"discount...but never used them again afterward. dont take their bait. if you use a card for like gas, pay it off each month. this will help your credit...no other way will by using cards. if you dont pay them off immediately, it just compounds. and generally the "introductary" offer of 0% interest every month will only last a year at most...next thing you know, you have a 500 dollar card and a 20% interest rate. at that point, you are only paying interest on the balance each month and nothing is going to the principle amount! a serious in-depth look at finances at an early age can only help. i was helping my mom pay bills when i was 12...she sat me down and made me help with reconciling the ledgers, etc. now my hubby looks to me for a "no-spending" crackdown bc i can say no!
    FoxyRoxyMommy

    Answer by FoxyRoxyMommy at 2:28 PM on Mar. 2, 2010

  • They're not all that great to have. Yes, they help build credit, but people usually get it in their head that it's "free money". That's when the trouble starts. Interest is outrageous, and even on $500 it can take years or even a lifetime to pay off if you make minimum payments. Many people have to file bankruptcy because of the debt they get themselves into. I know from experience. I no longer have any credit cards. If I can't buy it out of pocket, then I don't need it.
    Anonymous

    Answer by Anonymous at 11:06 AM on Mar. 2, 2010

  • if used WISELY and kept for true emergencies, they CAN be nice to have.
    but they are OVERLY tempting to use. my advice would be, that if you have kind of "spending" habits, lol, it's probably better to not have the option. or leave the card in a safe place so it's not tempted to be used for unintended purposes.
    carliemarie1015

    Answer by carliemarie1015 at 12:10 PM on Mar. 2, 2010

  • Don't use them. They do more harm than good. Keep one for emergencies ONLY. Pay off the balance in full at the end of the month if you must have one. Don't charge more than you can afford to pay back.
    Anonymous

    Answer by Anonymous at 12:30 PM on Mar. 2, 2010

  • dont ever use them. period. they are a trap
    sati769leigh

    Answer by sati769leigh at 6:22 AM on Mar. 3, 2010

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