On top of the gym membership JR wants to purchase with his first paycheck, he was also inquiring about credit cards this morning. He wanted to know how they worked, and why it is so easy to get one for some people, and hard to get one for others. He had been online looking at different credit card comparison sites. I was explaining credit to him, and how you can have good credit, and how you can have bad credit. He then of course asked me how my credit was, and it was then that I realize I am not the best person to give financial advice to someone who is just starting out. All I could do was explain to him my mistakes, and hope he learns from it.

My mistake in getting credit cards after my divorce, was the thought that I wouldn’t use them much, and pay off the balance at the end of the month. Well it takes greater willpower to do that than I will ever possess, because when the bills came, I said screw it, and paid the minimum. I ordered all kinds of things online, that if I had to pay cash for, I would have never ordered. Not to mention that the trip to Chicago would have only cost around $2000, but with interest it actual cost me close to $4000.

So the best advice I could give him was to get a credit card that had no revolving debt, or interest free credit cards. Get a card that you know has to be paid in full at the end of the month. That will stop you from spending money you don’t have, keep your bills low, and gain credit in the process.

credit cards, interest free credit cards

On this day..

• Rush Hour Traffic - 2005
• Concierge Medicine - 2007
• Dry Eyes - 2007
• Where Is My Teenagers Brain Club - 2007
• All-in-One Game Lobby - 2007