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Your Credit
Posted 10/1/07
I don't have any credit =(

Trevor (OP)
1873 cr points
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29 / F / Australia
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Posted 10/1/07

ambersjoy wrote:

ermm...i have one credit cad...and a debit card....and both the accounts are taken care of by my parents...i mean the accounts are in my name...but...its them who actually pays the money...and i am allowed to spend as i wish :D...well..my parents are extremely caring abt me...and they wont let me work until i finish my studies...so till then i dont really have to worry abt such things..


wow, you're extremely lucky! Enjoy that kind of stress free living while you still can.
Posted 10/1/07

Dusterbayala wrote:

~~Charge only what you can pay off in a month!
If you can't pay it off in a month, make yourself a budget and plan to pay it off as soon as possible! Fees add up, and the longer you make payments, the more you end up paying!

~~One credit card is enough!
If you have a debit card (i'm sure most of you do or will) then there is no need for more than one credit card. If you have more than one, you are at high risk for getting yourself into some SERIOUS DEBT!!!



I have never understood this: spending more than you can pay off in a month just because you have credit. It's not free money. (Does anyone actually think it is? Then why treat it that way?) You have to pay it back eventually. If you're not 110% certain that you'll be able to pay off money that you don't have now (plus interest) at a later time, then don't spend that money. In fact, even if you are certain you can pay it back later, why not wait and spend it then?

I have two credit cards; I basically only use them because I want to build my credit for whenever I'll eventually need a loan. And I use them as if they were debit cards -- I don't charge more (on both cards combined) than I know I currently have in the bank. I pay off my full balance monthly. So having multiple cards is not bad if you're responsible about it, it just depends on how much combined credit you need. (Or, in my case, I have two because I use one exclusively for online purchases.)

Good topic for us younger ones. Although, teaching responsibility with credit is the parents' job, and they need to do it more effectively, by the looks of it.
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33 / M / Ireland
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Posted 10/1/07
My credit card has saved my ass more times than I can remember. As a student they gave me a €600 limit, and no interest to worry about.

Still, you gots to be careful, kids. Its easy to get stupid with overspending, and if you lose it.....
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33 / M / core of abstract...
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Posted 10/1/07

tinny87 wrote:


ambersjoy wrote:

ermm...i have one credit cad...and a debit card....and both the accounts are taken care of by my parents...i mean the accounts are in my name...but...its them who actually pays the money...and i am allowed to spend as i wish :D...well..my parents are extremely caring abt me...and they wont let me work until i finish my studies...so till then i dont really have to worry abt such things..


wow, you're extremely lucky! Enjoy that kind of stress free living while you still can.


its gonna end after 8 months....thats the time when i pass out from business school.....and then i will be on my own...oh well...i will miss these days....

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22 / F / London
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Posted 10/1/07
i use debit instead...u no wen u cnt spend n e more
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37 / F / Fort Meade, MD
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Posted 10/1/07

ambersjoy wrote:

ermm...i have one credit cad...and a debit card....and both the accounts are taken care of by my parents...i mean the accounts are in my name...but...its them who actually pays the money...and i am allowed to spend as i wish :D...well..my parents are extremely caring abt me...and they wont let me work until i finish my studies...so till then i dont really have to worry abt such things..


Just because your parents are taking care of it for the time being, you should still learn good money management skills. This will help you greatly after you assume control of your own finances. Learning about investments and retirement planning are a must in today's society as well!

Edit to below: And how would you ever know if they are cheating you out of money if you don't know your money management skills?

BTW trev, you should also LEARN the skills... ESPECIALLY because of your major.
Posted 10/1/07
^ Shelly you can hire people to take care of your money for you.


ambersjoy wrote:


tinny87 wrote:


ambersjoy wrote:

ermm...i have one credit cad...and a debit card....and both the accounts are taken care of by my parents...i mean the accounts are in my name...but...its them who actually pays the money...and i am allowed to spend as i wish :D...well..my parents are extremely caring abt me...and they wont let me work until i finish my studies...so till then i dont really have to worry abt such things..


wow, you're extremely lucky! Enjoy that kind of stress free living while you still can.


its gonna end after 8 months....thats the time when i pass out from business school.....and then i will be on my own...oh well...i will miss these days....



Im in the EXACT situation and i'm only 19 so i have another good 4 or 5 years left of it.....i don't want it to stop =(

Trevor (OP)
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33 / M / core of abstract...
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Posted 10/1/07

Dusterbayala wrote:


ambersjoy wrote:

ermm...i have one credit cad...and a debit card....and both the accounts are taken care of by my parents...i mean the accounts are in my name...but...its them who actually pays the money...and i am allowed to spend as i wish :D...well..my parents are extremely caring abt me...and they wont let me work until i finish my studies...so till then i dont really have to worry abt such things..


Just because your parents are taking care of it for the time being, you should still learn good money management skills. This will help you greatly after you assume control of your own finances. Learning about investments and retirement planning are a must in today's society as well!

Edit to below: And how would you ever know if they are cheating you out of money if you don't know your money management skills?

BTW trev, you should also LEARN the skills... ESPECIALLY because of your major.


lol...just because i dont pay for the bills...doesnt mean i dont know how the things work.i have been using cards since i was 10...obviously it used to be my dad's then...so i know pretty much every in and out of how things are...and what cautions to be taken.i do spend a lot....but that doesnt mean i spend stupidly...

oh and i guess being an economics masters degree holder doing MBA makes people a lil aware abt things called "investment"..etc...


btw...trevor...what is your major? her post seems to indicate finance?
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37 / F / Fort Meade, MD
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Posted 10/1/07
^ i meant no offense. Trev's major is listed on his profile.
504 cr points
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33 / M / core of abstract...
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Posted 10/1/07
none taken....and thanks for the heads up regarding trevor's major
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41 / M / southern ontario
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Posted 10/1/07
My credit was shit, took me several years to get out of the crapper (and had to spend thousands on shitty interest rates to get a loan)

Long story short - havin a girl and havin a good time is all well and good but DON'T SPEND MONEY YOU DON'T HAVE. (though while it lasted, damn those where some good times... )
Posted 10/1/07
does an iPhone count?
haha im just joking
Thnx for the advice but i dont think i would ever spend more money than i have.
Maybe when i buy a house or car in the beginning but thats it.

Its true that many people have financial problems...

btw:

^^ I have a client right now who's over 7 million in debt between 49 credit cards..as well as bank loans.


Hmm I think thats like - 2 000/4 000 dollar a day interest XD
Thats sick there is just no way anybody could pay that.

But that person must have a freaking nice house :P
(or maybe not)
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27 / M / It be sleepy time...
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Posted 10/1/07
@duster what are you stalking me or something, its kind of creepy that you would make this thread today and I would get a credit card offer today. Which I am probably going to turn down 'cause it doesn't state its actual interest rate or any monthly fees it may have.
1686 cr points
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25 / F
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Posted 10/1/07
o_o; Damn dude.

I keep track of what I spend on my card. Hell I don't even go near my limit. Cash is the best anyway.
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