I am old enough to have a credit card, I don't have one yet. Any advice?

Question

I don't want bad credit, or them to bleed me dry of money.

Answer 1

Credit cards ruined my life! I had just turned 18 and I thought it would be so easy, I used to work for sears and I saw peoples min. payments at like $10 so I thought, oh, I can do this!
WRONG! I maxed all of my cards! its way too easy! and I said at first it was just for xmas and emergencys. I am still in credit card debt today..4 years later and collectors are annoying as hell and stress is no fun. I wanted perfect credit, and now I worry when I want a car or a new apartment, will I be able to get one or am I stuck where I am at forever!

IF YOU DONT HAVE THE CASH....DON'T!

Answer 2

Get one, but treat it as though the money was coming out of your pocket. When you get the bill, ALWAYS pay 100% of your bill. Never, ever, ever, under any circumstances, should you pay the minimum balance as you will end up paying many times what you should have for whatever you bought and work yourself into worse debt.

You will build good credit and also learn to manage it in the process if you pay the whole bill. I end up getting paid about $200 a year to use my credit card... I get cash back towards free gas and also get a free 3-7 week loan on all of my purchases. I can also keep track of all of my purchases and find out where I need to change my spending. And I've never paid a cent in finance charges or interest to the credit card companies!

Credit cards are an amazing tool once you learn to use them. Get one, but make sure you don't fall into the trap of minimum payments.