Credit Cards - Worth the APR?
When was the last time you said a credit card was worth the APR or Annual Percentage Rate? The only way you can get a good one is if you have good credit, and the only way you can get good credit is to have credit cards in good standing? Right? What am I missing here?
The public is so naive when it comes to credit cards and their use and many people have had to filed bankruptcy because of the ease of use. I know when I got my first credit card I wanted to buy a new stereo for my car and 10 disc changer, yep… my first credit card was to Best Buy. The worst place for an 18 year old to have a card.
Little did I know back then that the card carried a 28% APR!!! Umm, excuse me?? I only started noticing this when I was making the monthly minimums and the balance was going up! That didn’t make much sense to me until I pulled out the small piece of paper in the monthly bill and on the back in very small print it said:
APR: 28.4% WOW!
Needless to say I learned a little about money and credit back then, but it sure didn’t stop me from getting other cards and charging them up as well. These cards are just too damn easy I tell ya.
Well, now i’m 30 and only have a few Credit Cards… which I rarely use and am always making a payment over the minimum. All in all I learned some very valuable lessons with credit cards:
1. Do not spend what you cannot repay right away.
2. Never get a card that has higher than around 15% APR, or you will never get that stupid thing paid off.
3. Only carry 2 credit cards, 1 for emergencies and 1 for gas or small things that you can pay off right away.
Heed my words people, Credit cards can kill you or help you. I hope you choose what’s behind door number 2.
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