Friday, September 26, 2008

Credit Card 101

I've posted a lot of information regarding credit cards and I always make it a point to remind anyone to do a research and read Credit card articles before getting one. It's better for a person to educate himself/herself on how the card works and familiarizing with the terms and meaning of different words that you can only see in the "financing world".

I had a friend who is a first-timer to use one who got tempted to "practice" its powers....hehehe. Right now his having an issue keeping up with the payments and swore that he will never use it again. His even asking me if he can call the bank and have it closed which is impossible if you didn’t pay the entire amount that you’ve accumulated. If I’m not mistaken, his on the verge of his credit limit for a span of four to five months of owning his first credit card. His mistake is spending away using his credit card and paying only the minimum amount due.

It will be hard for a clueless person to indulge into credit card without having an idea on how it will affect one's finances. Credit cards can either make or break you. It all depends on how well you balance your expenses and of course discipline.

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