When I was your age ( a very long time ago !! ) I got my first credit card.
That was the worst move I ever made. Your brain goes into "of course I can afford it, its under the card limit" mode when in fact you can't afford it because you're spending someone elses money. The account got to the point where I couldn't clear the outstanding amount each month so I lapsed into the habit of paying the minimum amount each month. All that does is pay some, but not all of the interest so you're not touching the borrowed amount at all.
Rule number one of credit card use.....Pay the outstanding balance by the end of the month or interest free period.
Rule number two..........There aren't any more rules !
I no longer have a credit card. All my purchasing is done using a debit card which, as others have said is debited direct from your bank account. I know I'm somewhat older than you ( 58 ), I have a mortgage, bank loan, pay bills by direct debit etc. .....yet I have an A1 credit rating thanks to careful money management and not buying what I can't afford !
Take your time with life. Don't fall for the hype spread by the banks about credit card ownership being the sign of a worthy citizen. Its crap !! All they want is for you to run up debt that costs you shedloads of interest until it becomes obvious that you can't pay any more, at which point they'll foreclose on your debt. That will result in a worse credit rating than if you hadn't had a credit in the first place.
Remember one simple fact....if you're spending more per month than you can pay back per month, then you're living beyond your means. That will put you into deeper debt which puts you even further beyond your means.
That was the worst move I ever made. Your brain goes into "of course I can afford it, its under the card limit" mode when in fact you can't afford it because you're spending someone elses money. The account got to the point where I couldn't clear the outstanding amount each month so I lapsed into the habit of paying the minimum amount each month. All that does is pay some, but not all of the interest so you're not touching the borrowed amount at all.
Rule number one of credit card use.....Pay the outstanding balance by the end of the month or interest free period.
Rule number two..........There aren't any more rules !
I no longer have a credit card. All my purchasing is done using a debit card which, as others have said is debited direct from your bank account. I know I'm somewhat older than you ( 58 ), I have a mortgage, bank loan, pay bills by direct debit etc. .....yet I have an A1 credit rating thanks to careful money management and not buying what I can't afford !
Take your time with life. Don't fall for the hype spread by the banks about credit card ownership being the sign of a worthy citizen. Its crap !! All they want is for you to run up debt that costs you shedloads of interest until it becomes obvious that you can't pay any more, at which point they'll foreclose on your debt. That will result in a worse credit rating than if you hadn't had a credit in the first place.
Remember one simple fact....if you're spending more per month than you can pay back per month, then you're living beyond your means. That will put you into deeper debt which puts you even further beyond your means.
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