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Enough Already!Jun 27 '01 Write an essay on this topic.The Bottom Line One credit card should do the job. Look at your true NEEDS and eliminate stuff that isn't necessary. You'll find you don't have to count on credit. I am at a point in my life when I am already wishing that I had been warned about when to stop accepting and using credit. I say already wishing because I am 21 years old and in debt more than I wish I was. I am at a point right now where I have two credit cards and one credit line--all maxed out. I also have an unsecured installment loan that paid off the credit cards that are once again open and maxed out. They were maxed out when I got the loan! So, what happened? I used credit cards for almost every single large purchase I made for four years. I had a full time job, and instead of saving for stuff, I bought with my paycheck and kept on buying once it was gone using every form of credit I could come up with. In four years time, I only had enough real emergencies that ONE credit card could have covered. So why did I keep getting credit then? I found so many excuses to use credit that it was pathetic. I have stuff now that I bought a few years ago that still isn't technically "mine" because the balance isn't paid off yet. It's all stuff I could have lived without, too. I think it may be safe to say that the average person could have one credit card only and have enough security in case of emergency. Keep one and throw out the rest! Don't get the first one you are offered if you are young and desperately seeking credit. I fell into that trap myself and ended up paying an astronomical interest rate. Be patient and wait for a good rate. If you get a good deal on a balance transfer, look into it, but be careful. Sometimes they get you after six months or so with a rate that was higher than you started with. If you work full time and have minimal bills, SAVE your money to purchase things you want. Use that credit for real (and I stress real) emergencies only. If you can, pay off the balance each time, and if not, make a higher than minimum payment. I got lucky to have figured out what a mistake credit is while I was still young. I am now on the road to recovery. My husband and I have only used credit three times in the past year, and our balances are finally coming down. Take my advice--keep the minimum amount of credit that you can. Even if something big comes up later, you can be approved for a loan because your credit will still be good. If you sit down and look at what you honestly need, you will see that a low balance credit line is quite sufficient for those once in a while emergencies.  |
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