To: 18-25 year-olds
From: Someone older, wiser & poorer
A word of advice. Don't think that credit card is magic. Someday, you are going to have to be a grown up and pay for it. And when that time comes, even though you have a good job and make good money, you will be putting all of it towards stupid minimum payments that magically double with no warning even though you are trying so hard to get ahead and then when you think you are making progress - like that - it's gone...
*sigh*
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Good advice. On the other end of the scale are people taking advantage of credit card promos. We charge everything on one card, pay it off at the end of the month, and then fly free about 3 times a year. Southwest Card. A separate gas card gives us 5% back on gas purchases and we get that even though we only use that card for gas. Of course, it is a trap set for us. They hope something will happen and they will make a bundle. Even a late payment gives them cash big time, so we have to monitor and we have to be disciplined.
Still, there is some incentive for getting the interest accounts paid off and then milking them back all that high interest.
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