I’m going to give you some advice. You probably won’t take it, and I guarantee that you will regret it.
Are you ready for it?
STAY AWAY FROM CREDIT CARDS!
I have very few regrets in life, and the regrets I do have are mostly about things that I didn’t do, but boy-oh-boy do I regret misusing credit cards. If only I knew then what I know now.
Here’s what happened:I went to college and started getting credit card offers. They were everywhere. On campus, smiling faces handed me clipboards with applications and a pen. It was easy. I signed up for some and got them. Great! Now, I didn’t go crazy and start charging up a storm right away. I was pretty good at first and only kept them for “emergencies,” for the most part living within my means. But then somewhere along the way “emergencies” turned into “deals I couldn’t pass up,” like a shirt that they were almost giving away, or a trip that I needed to take to get away from my live-in boyfriend, who I wasn’t quite ready to break up with.
I went from paying my balances in full to just making a minimum payment and letting the balances grow. Not a good idea. In the end all the deals and “emergencies” turned into debt. Plain and simple. Getting rid of the debt, however, has not been plain and simple.
I’m not saying you shouldn’t have credit cards at all. Sometimes REAL emergencies happen. And using them responsibly (making small purchases and paying off the balance in full every month) will build up your credit. Bu credit cards can be dangerous to your financial health, and can do some serious damage. There are options to make sure you don’t get into trouble:
- You can pay off your balance in full every month.
- You can have a limit that is within the realm of reality. (Should you really have a $13,000 credit limit? Couldn’t you have $500 instead just in case you really do have an emergency? If you call the credit card company and request it, they will lower your balance.)
- If your parents or anyone else helps you out financially you can have them purchase a prepaid credit card, which you can use for “emergencies” without worrying about the bill.
Credit cards should come with a warning label, but since they don’t I hope you will listen to me and charge with caution.
About UnknownMami
I could have written this. I did the exact same thing in college.
It’s all part of the learning process that is growing up, I guess. Still, you’re kind to try to save other kids from making the same mistake we made!
Twitter Name: prettybabes
preaching to the choir
Holy crap. Credit card debt is the only thing standing between my husband and I living the lives we would enjoy and being stuck in jobs we can’t quit in a city we can’t leave. Teenagers, you thought living under your parents was oppressive? Try living under credit card debt’s thumb. It’s neverending, compounding, crushing. STEER THE FUCK CLEAR.
Twitter Name: onblank
If I could get rid of my credit card debt, it would be like getting a raise.
Twitter Name: Unknown Mami
And I don’t wanna hear any flack about me vs. I. Stress-induced grammar errors don’t count.
Twitter Name: onblank
amen, been there done that. Twice! Stupid stupid stupid!!!
Sigh…this is the story of my life. Credit Cards are the DEVIL!!
Twitter Name: laliquin
I just want to encourage everyone to keep paying down their debt.
My husband & I became parents at 17. We weren’t taught much by our parents (though they’re great people), so as adults taught ourselves how to cook, shop, keep a budget, pay the bills, etc.
We learned many lessons the hard way.
Right after my 30th birthday, we paid off our last piece of credit card debt. We’ve been completely debt free for almost a year now. Just a piece at a time, partially utilizing a line of credit from our credit union to consolidate loans.
And it’s not like we’re rich. Our family of 4 lives off $40,000 a year. Boy that $40K goes a lot further when you’re not sending it all out the door to credit card companies!
Keep at it. It’ll get better, I promise.
Twitter Name: leighbra