CREDIT CARD LEARNING ASSIGNMENT
Becoming of legal age was the beginning of a whole New World. For me all these new responsibilities hit me like a train wreck. The pressure of college is not the only thing that I had to learn to handle. Credit card vendors were out like vultures hunting their prey. Once I applied to one card all these other companies started to call me. It is the easiest way to buy something is with a credit card, but for some people, including me, these cards are like free money. But regrettably, they are not.
After maxing out my credit, I started paying my account off bit by bit, which was also a huge mistake. The ways that these card companies make ...view middle of the document...
Credit cards had become like a plastic card to me. I had completely lost it, not knowing how much I was spending. I would buy something, pull out my wallet and pay with credit because I wanted to keep cash in my wallet. Soon I realized that it was impossible for me to pay back the debt, paying the money back was nowhere as easy as I thought it would be. As a result, it took me over a year to pay back my debt, following the closing of my account. I haven’t tried to acquire a credit card since and am happy about the decision.
Treated responsibly, opening a line of credit can be very useful to the credit account holder. However opening your first credit line can either be a big mistake if you are irresponsible, or you can learn financial responsibility and enjoy the advantages of good credit. At a young age it is very vital to establish good credit for yourself. However, if you are anything like me, I would suggest you to stay away from it. Having a credit card will carry certain benefits, it increases your buying power, and you have the ability to establish good credit for yourself. Opening a credit card can affect your way of life.
I now realize that establishing a good credit should be my priority. Making sure that I keep up with my monthly payments, but if possible, I should pay the whole balance or more than the required payments so that I don’t have interest adding up from month to month. Eventually, my credit line will be extended so I can hold a higher limit. Finally, getting carried away with your new credit card might be easy with all the money you will be saving and with your increased buying power; it will make or break you.