07-12-2006, 09:09 AM
Like aaronck said, make sure you pay it off every month. Don't--DON'T--carry a balance; the speed with which interest accumulates will dazzle your senses. I'm a credit card cautionary tale. In August 2004 I had a balance of zero dollars. Thirteen months later I had a balance of almost $6,000, and while much of it was school-related (books, etc) a lot of it was stuff I couldn't afford (e.g., a Pearl Jam tour). In the end, I took on a second job and put every single penny towards paying off my credit card; a few months ago I took out a line of credit and paid my credit card off entirely, and now I'm busy trying to pay off my line of credit. It's a vicious cycle, and if you don't get it under control RIGHT AWAY you're putting yourself at risk.
SO...if you're trying to be cautious, get a card with a low limit. Try getting a card that's affiliated with a bank. If they try and bump up your limit, call them and get them to lower it again; I didn't do this, and it cost me dearly. And always, always pay off your balance. It's nice putting concert tickets on a credit card, but if you can't pay them off it can become a real nuisance. Oh, and if you're buying for others, make them pay you back right away. Every day they don't, interest accumulates (I think...). Anyway--that's my story, and I'm sticking to it.
Steve-o
SO...if you're trying to be cautious, get a card with a low limit. Try getting a card that's affiliated with a bank. If they try and bump up your limit, call them and get them to lower it again; I didn't do this, and it cost me dearly. And always, always pay off your balance. It's nice putting concert tickets on a credit card, but if you can't pay them off it can become a real nuisance. Oh, and if you're buying for others, make them pay you back right away. Every day they don't, interest accumulates (I think...). Anyway--that's my story, and I'm sticking to it.
Steve-o