Credit Cards
Out of context: Reply #15
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- heavyt0
Advice:
onl;y use them for things that you can pay off right away.
for the first 3 years or so that i had credit cards, i put my internet bill on them, which establishes that you regularly charge items, and pay off.
the only other thing that i billed to CC is plane tickets. mostly because i buy them online.-Remember- it is just like taking cash out of the bank when you use them, it isnt free money.
Horror Stories-
i have 2 different friends that got big credit cards and maxxed them out in a few months.
they end up paying 130-400 dollars per month as min payments, most of it being interest.
all for a bunch of stuff that they wouldnt have saved for, but figured that it wasnt going to cost anything, so they baought anyway.good credit is invaluble.
when you go to take out consumer loans in the future to buy a car or a house, you will end up saving tens or hundreds of thousands of dollars over your lifetime in reduced interest rates.TR1