On credit cards

When I was 19, I applied for two credit cards. They are subprime, meaning they do not offer a very good credit card limit. They were okay for me because I was a student and don’t have money to pay for too much debt anyway. I used them for dining, shopping and for some electronic gadgets online. I also took cash from ATM with very minimum fees.
But then, I was irresponsible and all my actions bounced back to me. The bill came in and I was shocked to learn how the computation of interest goes. I ended up paying more and more of interest. It was too late because I eventually earned my self a collection agency, haunting me and harassing me to just pay my bills.
With the help of some of my relatives and friends, (and a stable job as well), I was able to pay for my debt and become debt free. I took care of my credit report and reapplied for new credit cards. This time, I know what kind of cards to look for. I make sure that I will get credit cards with less interest ( the percentage ), and with longer grace period. As much as possible I try to look for 0% credit cards promotion.
I also got myself a new card that give rewards. I now settle to a college credit card, with 0% credit card interest. I was able to do some transfers as well. And with the new credit card knowledge that I have in mind ( I learned it the hard way), I think I will do better this time.

By the way, it is always the best to your interest to compare credit cards, shop around the best interest, before finally jumping into the wagon of debt.

Tags: credit cards

This entry was posted on Sunday, November 11th, 2007 at 4:02 pm and is filed under Things that matters. You can follow any responses to this entry through the RSS 2.0 feed.