Wednesday, May 14, 2014
Credit
This week in class we've been focusing on Credit. I thought this was extremely interesting because I'm going off to college next year and in the future I might need a credit card and this information might become useful. I have already started getting letters in the mail from credit card companies. This Summer my mom is signing me up for a debit card, but I know in the future I might have to consider credit cards. I think that I'm going to wait until I'm at least 21 to get a credit card. This is because of all the horror stories I have heard with college kids and credit cards. Also we learned this week about all the costs that come with credit cards. These includes, being able to easily spend money one doesn't have. Also there are a ton of fees that come with credit cards and interest if you don't pay your bill in time. There are also limits on how much you can spend on a credit card. Credit cards are also very prone to theft and fraud. Luckily, most companies catch the problem before it grows. Overall, I've enjoyed learning about credit cards and credit and what not to do with them. I don't believe I'll get a credit card until I need to.
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I have heard many more benefits from using a debit card versus a credit card. I agree with you! I will definitely hold off on getting a credit card and stick with cash instead. The best part about shopping with cash is yes you may not be able to carry around a lot of it but you can pace yourself on how much you are spending. Those stories about kids going to to debt while in college worries me as well but you are a really responsible and smart person and I think you will be able to stay out of debt. Keep up the good work!
ReplyDeleteI agree, I probably won't get a credit card for awhile either. Those horror stories are just terrible. I don't think those people could ever recover without either an incredibly well thought out plan or some help.
ReplyDeleteI also thought this week was very intriguing. It is probably best that you wait to get a credit card. I am currently using my parents's credit card for many things and I cannot fathom going through all the paperwork they do on all the things that I alone buy. The responsibility that comes with a credit card is very great. It might be difficult to stay away from the temptation of using the credit card to pay for everything until you are over 21. Also, not making the payments on time could be a serious problem if you are a poor college student with barely enough money to get by.
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