Is it possible to learn about credit cards before its too late (Debt Problems)?

Question

Ok, here is the rundown. I am 23 and semi struggling with debt. I got my first credit card when I was 18. The only thing that I knew about it was that I should pay it off as soon as I could. Well I thought I could do that, but it all started to add up. I could get all this credit and I did. I was making the money and was able to pay the minimum payments each month. It seems like I am going no where. I realize now that you have to watch out for the high APRs and the late payment fees. And also realize that I shouldnt buy anything if I dont have the money. All I am trying to say is that people need to understand the importance of credit cards. We need to learn as soon as possilbe so we can avoid this problem with our lower generations and help them out. I think that it would be wise for high schools to set up a program for students to learn more about the importance of credit cards. They arent bad as long as you can pay them off in a reasonable amount of time.

Answer 1

Debit Card is all you need Credit Cards are a nightmare. Go to Dave Ramsey.com and you can see what I mean. Dept is stupid and I don't no any millionaires who said they made it on their credit cards....

Answer 2

They ARE bad.
When I went to college at 18, there were booths set up outside with credit applications. They were preying on kids. I had no money but I figured by the time I graduated, I could pay off the small amount of debit I had incurred. Things didn't work out as planned and I was left holding the bag.
Now, consider this. If you are ONE day late on a payment, you will get a $39 late charge. If this late charge puts you over your credit limit you will also be assessed a $39 "over-the-limit" charge (almost 80 bucks total). If ths happens once or twice, you get charged the default interest rate. At Bank of America...it is 32%. Back in the day 32% interest was only given by loan sharks. Now it is totally legal and widely accepted.
If you can't afford it, don't buy it. Debit cards are the only way to go.

Answer 3

What I do is this:

Believe that credit cards are MONEY - CASH and that loan is temporary. I pay off all of my cards every month, sometimes twice a month to ZERO balance.

Unless one is considering bankrupcies, you have to pay back the balance some time in the future and usually after so much interest are charged. I skip all this by only charging what I can pay off by the end of the month and do so every time.

Once you are behind, this is hard to do, but if you do it my way without a fail, every time, it is not difficult at all to continue. I, too, had credit cards since 18, I am in my middle age now, and have zero credit card balance.

It all go back to the basic finance. Spend within your means to pay.

Answer 4

If you cannot pay themoff, best way is get rid of all the credit cards till you can control yourself in using them and can pay off every time. More tips at http://info.lifequery.com/credit-repair/