is a credit card a bad idea for an 18 year old?

Question

basically i've just got a credit card and every1 keeps saying what a bad idea it will be.... but i've only got a £200 limit at the mo anyway?? how can it be that bad?!

Answer 1

yes

Answer 2

Oh dear. I'm afraid this is the sort of question that can only really be answered with "It depends on the person".

But if you want a really big over-generalization for all 18 year old people I would say "no".

Actually, I think credit cards are bad for most people - too easy to get tempted into debt. There are very few things we all actually NEED (and I mean really honestly need to keep going, not just "I need those fabulous shoes because they would look so good on me") and most people can afford the essential stuff without credit.

However, I got a credit card at 18 and I didn't have any problems. I cancelled it when I was 22 because I just didn't use it enough to justify the annual fee (which was about £10 a year). I've got another one now (I got it about 5 years ago) and I tend to use it for the deposit on car hire and stuff like that when on holiday (simply because companies DEMAND a credit card for that).

Answer 3

I agree with most of those who say- it depends.

I got a credit card at 18 just so I could establish credit. At this age however- I'd say either only use it in an emergency or only buy something that you have the money to pay off (not at the due date- buy something and then pay it off the next day) This will help you establish credit but not let you get in over your head with bills. Granted, this usually only works if you can pay the bill online with no fee.

Answer 4

It depends on the person who has the credit card. If a person pays off the credit card each month there is not a problem. The problem arises when a person does not pay off the card each month and goes into debt. Many people only pay the minimum payment and get into financial trouble. The banks like to give credit cards to young people, because most of them will not be able to pay off the card each month.

Answer 5

A credit card is a bad idea for anyone!!! But to risk your credit so young ??? Dont do it!! You can get a secured card(prepay)_ If you are looking to establish credit that way you wont get your self in trouble!! Think of it this way IF you dont have the cash to buy whatever your looking at.....then you cant afford it!! Risk your credit on something worthwhile,,,,,A house , car, investment!! Once established you wont NEED a credit card, you will have the money!! Thats when you get one!! GOOD LUCK!!!!

Answer 6

I turned 18 July 28th and I got my credit card a week later, hahah. I don't think it's a bad thing unless you're irresponsible. And yea, I'm quite...I mean, I only use it for registering tests and college application fees. Or for emergencys...besides, my parents end up paying at the end of the month....like this month :D heheh, Use it wisely and enjoy it with limits!!!! young card holders unit!

Answer 7

If you use it wisely then its not a bad idea. Just dont abuse it. I didnt want a credit card but to help me establish credit I use mine for gas only and then when my bill comes in I pay it off in full so I dont have to pay the interest and finance charges. If you abuse it then you will be in debt for the rest of your life.. Good Luck

Answer 8

oh my god yes its a bad idea, as irrisponsible use of it can give you a bad credit rating which could affect you getting a mortgage, loans etc when you are older. good idea though is to apply for credit cards and rip them up-every credit card you have with no black marks on raises your credit rating , allowing you to get better loans in the future. So if you trust yourself not to go mental, apply for loads of credit cards and rip them up before you use them - otherwise stay well clear :)

Answer 9

It depends on what kind of 18 year old you are. If you're responsible about it, (as in- don't spend it on miscellaneous things, just for emergencies) I don't see the problem. But, no matter how small you think the limit is, if you get to where you're making the payments, you're going to be paying a lot more than what you've charged to get it paid off. My suggestion is... if you're going to use one, pay off what you charge each month or two. If you know you can't pay it off within that time, don't buy it. You're better off.

Answer 10

a credit card is a bad idea, but only for people with tiny brains, as it's up to you how you use it.
I find it saves me thousands just by enabling me to buy off ebay for instance, and every purchase I do with it is covered by insurance..... the cc deal is extremely simple:
just remember that it isn't your money, spend only if you
have funds to pay it back when the bill comes, and you will just fine.....
if you need more, get stuck into these, soak it all up over time and it'll help
build up your knowledge:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!

Answer 11

not if you are responsible. Get a job, use the card and pay it off every month and when you get out of school you will be able to get a low interest loan for a home