Yup, now it's over.

Not everyone can handle credit this way and I hear of the horror stories about how college students can rack up a ton of debt and graduate under a crushing load of it, but I still recommend that those same students get a card or two and learn responsibility!! I firmly believe that encouraging kids to use money and credit wisely while young turns adults into reponsible knowledgeable grown ups!

My neighbor's kid couldn't wait until he became 18 so he could get a credit card, but he didn't know if 18% at a limit of $500 was a good start or not much less how to figure out how much it would cost him to finance $500 for a year!

(What the hell are they teaching in school????) Working with him and showuing hima simple formula for figuring out what the true cost is had a profound effect on him. his Mom thanked me and said her son is a changed young man! He no longer leaves without a calculator to calculate finace charges and has finally realised how to manage money!

He takes the time to figure out "what will that cost" and that determiones if he really needs "it" or not and this has become a fun game to him. A totally unplanned action on my part. If encouraged, this guy will mange his credit responsibly and not get close to a bankruptcy or a crushing debt, I hope!

i would like to admit my... um... teenage stupidity.
overdrafted checking account 11.00 and I'm getting hit w/ $99 in fees tonight @ midnight damn debit card.
better yet.. i owed another 100 today
and my paycheck monday was only 74!!!
so... better yet... 3rd stupid move of the day...
I WENT TO CASHLAND! :O.
now... im waiting for you guys...
please take it easy... I'm learning... the hard way...

__________________
Matthew McIvor

2016 E350 4Matic Black/Black
2007 GL450 4Matic with Off-Road Pkg Silver/Black
1995 E300 Diesel White/Gray
1994 S600 Euro Black/ Black Velour
1986 560SL Blue/Blue/Gray
1986 190E Blue/Blue 93k

Don't feel bad! I learned the hard way because my parents were totally irresponsible people, really! I am not sure what made me finally get tired and figure it out, but it happened!

The hardest part of teaching kids, including college students, is that you don't NEED pizza every nite for dinner, a fancy stereo or other gadgets and if you finance that, your losing money!

If your short on cash and you have a credit card, reponsible USE is books for your meteorology class, Homework supplies, auto repairs if you DEPEND on a car, like your Benz, etc....

Start out slowly matthias08! If you have a credit card then put an certain amount of emergency funds into savings, like $300, OK? Don't touch it! Have your credit card company take automatic payments out of it, then add to your payments, like when you get paid and have more money to keep that balance down!

Use your card for NECESSARY items when your out of cash and pay on time. If you arrange an automatic withdrawal out of your savings for the minimum due, this is an easy way to make this a habit. I know it will seem hard at first, but in a year, you will have a good credit history, are likely to get a card with no or very low annual fee and low interest and you won't NEED the cash advance payday stores any longer!! Don't forget to keep your savings at a minimum balance of $300!! Add to that as your credit limit grows, which is likely as your credit history is established! If you have to keep a balance, make it about 35% of your credit limit. This will make your score go up and this amount is easily manageable!

Cash advance payday loan stores charge you interest of up to and including 465% APR!

You will always have a cash reserve this way and if you even charge necessary items on your card you MUST finance for awhile while adding to your payments as you can afford, the interest you are going to get charged will be negligible. You should never pay just the minimum, unless you are totally unable to pay more.

Read my article on ezine, I really think you will like it! I wrote the same article for the API ( Associated Press International) and got into the news on helping students manage student credit cards. Go to my crredit card website and sign up for my newsletter. I keep your info totally private. This will help you and keep you on track and you don't need to apply for a card to do this unless you want to. I also have a link you can use for a free credit report, totally free. Look in the resources navigation tab. It should be under one of the last 4 at the bottom.

Don't give up, You will get there! http://www.ezinearticles.com/?id=929494

This will become easier than you think and after awhile, you will forget you are doing it, and it WILL pay off!

I use always my Chase or Discover credit card for fuel purchases. I get a 5% discount which is $.15 a gal,or more. I bought 480 gallons of Diesel fuel last summer and got over $50 in rebates.

I would suggest that anyone that has a debit card get rid of it. U can lose all the money in your account and possibly more when a debit card is used fradulently. With a credit card, the most U can lose is $50 and maybe nothing at all will be lost depending on the CC company.

And U don't get rebates on Debit cards like I do on Credit card.

P E H

My point exactly!

Right now I've got two debit cards (because I have two different banks I do business with) and one credit card.

My checking account at BB&T is "Free Checking for College Students" - it's like regular free checking (Which I have at LSB (dang it, gotta remember the new name now...)) - but it has special features such as a one-time-only overdraft forgiveness, or something else that I won't need...

but it also came with a $500 limit Visa Platinum which I can use to help build a credit history. I religiously pay it off completely every month - it is essentially one more debit card the way I use it except it's giving me a good credit history in the process.

It's also good for emergencies.

Not sure how old the OP is but that BB&T college deal might be a thing to look into once you get to college (if you aren't already there).

__________________


~Michael S.~
Past cars:

1986 300SDL
1987 300SDL
1982 240D
1982 300SD


Current:

1987 300SDL

The only flaw in that otherwise reasonable logic is that checking it out once in a while, getting a credit report with score, helps you notice if somebody has in fact gotten your numbers somehow.

Always good to check BEFORE you go to get that money borrowed and find out some rogue has run you into debt that you didn't have a clue about.

Other than that I agree completely.

__________________


~Michael S.~
Past cars:

1986 300SDL
1987 300SDL
1982 240D
1982 300SD


Current:

1987 300SDL

Good point, that is one way to find ID theft. However, if someone does actually steal your ID you will probably getting some bills or collection calls anyway. Either way it will be a PITA to clean up once it's already happened.

My point of not caring about credit scores was that I have no intention of borrowing money again, ever. I do understand that folks need to borrow money to buy their first home, ideally that would be their first and last loan.

If that is all you want to achieve in your life, fine! I intend to use my credit rating and score to build my business credit rating. I am going to grow my business and my retirement will include a home in Vermont, Sedona Arizona, Hawaii's big island and the best of all a winery in Idaho mountains facing the west coast where the grape region mimics Italy. Oh, and every house will have at least one Mercedes Benz including my house back in Lower Storpington England.

If you wait until you get collection calls and warning letters from creditors you never heard of you already screwed it up!!!! Read my website Easy Credit Repair and see what happened to me when my ID was stolen! Not meaning to insult, but if you wait that long, that is really stupid! Find out asap and head it off quick. It cost me almost $7000 to clean the mess up because I never checked my credit and credit score!

The ID thieves who go me burned the rental house they were living in to escape the police!

I'm with you there

My dad and grandparents operate that way, and it's gotten them this far... I figure I might as well do the same thing.

__________________


~Michael S.~
Past cars:

1986 300SDL
1987 300SDL
1982 240D
1982 300SD


Current:

1987 300SDL

Not quite yet apparently. Money issues seem to stir the souls of our members. Intregal part of life I suppose. Give it awhile it will wear out.
Just be glad you are not snarled up in dare I mention it an oil thread. The only thing I know for sure money cannot buy is poverty. Almost everything else it will .

Yeah! For some of us it's another Mercedes Benz we cannot live without!