To all you young bucks and lassies....

[Salty Dog]

Thinking of establishing credit?

Don't worry, the credit card companies ( Capital One as an example)
will be sending you mail offers that seem almost too good to be true- 0 APR first six months, $0 fraud liability, easy payments, low, low interest rates. Guess what, they are too good to be true.

If you want to establish credit, open a savings account. Borrow a small amount and repay it immediately. Just have to have a credit card? At least go through the same bank and get one there.

The average interest rate on Cap One is 19.8%. If you default it goes up to 28.15% But that is not the worst of it.

You cannot just cut the card and be done with it. Nor can you just simply pick up the phone and cancel your card. They have you until everything is paid, and even then, you will have difficulty shedding the card. What is in Your whallet? Capital One reaching for your money with usurous interest.

[Mandy]

Two ways to look at things . . . . . .

 My wife and I were sitting at a table at my high school reunion, and I kept staring at a drunken lady swigging her drink as she sat alone  at a nearby table.
My wife asks, "Do you know her?"
"Yes," I sighed, "She's my old girlfriend. I understand she took to drinking right  after we split up those many years ago, and I hear she hasn't been sober since."
 
"My God!" says my wife, "Who would think a person could go on celebrating that long?"

 So you see, there really are two ways to look at everything..

[Salty Dog]

BUt doesn't apply to credit cards.

[Mandy]

No I just thought it was funny and that you could use a laugh.. sorry.. carry on..

[Salty Dog]

Mandy, thanks for the laugh and there is a point there....but please go back to "Soooo...

[surely]

Maybe it's time personal finances was a compulsory course in high school.

[NSgirl]

Funny joke Mandy I liked it!

They are now starting to teach some finacing in school,I noticed my daughter  for her grade 10 planning class having to make a budget for after highschool. She needed to figure out university costs,car, clothes etc.How much she would make from various jobs. it is getting better. We never had anything like that when I was in school!

I believe most spending and saving habits are learnt in the home. If the parents are crappy with money the kids will be too.Just like most stuff!

As for credit cards ,shop,around for the best one! Some have service charges,some have air miles ,some have cash back etc etc. See which is best for you and most you can have the interest lowered if you ask! BUT the key to any card is always pay the balance off each month, never only pay the minimum!!! Stay out of debt! Once you get in debt it just seems to get bigger and bigger.
If you learn how to save you just keep making more and more money!!!
we are savers! I prefer it that way!

[Salty Dog]

Good advice, NSgirl.

I feel very sorry for the younger naive generation who come into contact with outfits like Capital One.

[Gordy Gambino]

28.15% THATS LOAN SHARKING.
DO THE MAFIA KNOW ABOUT THIS SALTY?

[Salty Dog]

I think they have close ties to you guys.[]