Are credit cards all that bad?
I started my credit write after HS in 2011 when my I co signed with my mom for my new car. All payments so far have been on time so I assume my credit is very healthy so far.
I recently applied for a credit with Barclaycards, they work with Apple, to buy an iPhone 5 no interest. I have a job. I've done the math and it would be $55-$60 a month. Personally I think that's easy to keep up with. I would get charged interest only if I miss a payment. My parents have been against it but it boils down to my decision. I'm 20. I think it can help build credit if anything.
Personal opinions?
Added (1). I do have a job. And yes I now about the deadline. The purchase I want has a no interest within 365 days.
Credit cards are not bad if used properly. Your parents are only concerned for you. They want you to have the best. Realize what a credit card is, a loan. If you think you have enough control to make the payments and not charge more items, then go for it.
They're not inherently bad, but some people aren't so clear on how to use credit wisely and soon end up bogged down with a pile of debt and nothing of value to show for it. Save the long term payments for important stuff, pay as you go for everything else (food, fuel, fashion, fun).
I'd say 'go for it' only if you can answer this question: could you pay cash for the phone right now? If not, then you may not be ready to take on a new commitment. Where's your money already going?
Credit cards are not bad if used responsibly. In fact, they have many benefits, like cash back or free airline miles. But DO NOT carry a balance. Pay your bill on time, every month, with no exceptions.
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