Friday, March 7, 2008

Steer Clear of Credit Cards

I still don’t have a credit card. Not sure if I’ll ever get one.

I have two friends here at school currently struggling with credit card debt at a time when they don’t need the added pressures. One, a first year med student, already has accumulated over $5000 in CC debt (part of which he accumulated as an undergrad) and the other, a third year, has racked up nearly $12,000.

It boggles the mind to think about having that much debt hanging over your head in addition to having to worry about school.

Both have admitted that they got in trouble with the cards when they started using them for everyday expenses like pizza and beer.

I have a debit card for online purchases, groceries and other expenses. I think it is a much better choice.

1 comment:

Fizzlemed said...

Be careful with that-- I work at a place where I run customers' credit on a daily basis. Many people under 30 are surprised they need to pay a deposit-- simply because they don't have an extensive credit history. Even if you have bills, etc. in your name.