Amir Mansourabadi

CREDIT CARD LEARNING ASSIGNMENT

Becoming of legal age was the beginning of a whole New World. For me all these new responsibilities hit me like a train wreck. The pressure of college is not the only thing that I had to learn to handle. Credit card vendors were out like vultures hunting their prey. Once I applied to one card all these other companies started to call me. It is the easiest way to buy something is with a credit card, but for some people, including me, these cards are like free money. But regrettably, they are not.
After maxing out my credit, I started paying my account off bit by bit, which was also a huge mistake. The ways that these card companies make their money is by charging a huge amount of money for interest. So when I got my hands on my first credit card I thought that I had just won the lottery. I bought everything and anything in sight; I even bought things for my friends. My limit was $500.00 for my first card and I spent the whole thing. I made the first few payments, which were hard because I love to spend but I hate to pay back. After a while, my credit increased to $1,000.
Credit cards had become like a plastic card to me. I had completely lost it, not knowing how much I was spending. I would buy something, pull out my wallet and pay with credit because I wanted to keep cash in my wallet. Soon I realized that it was impossible for me to pay back the debt, paying the money back was nowhere as easy as I thought it would be. As a result, it took me over a year to pay back my debt, following the closing of my account. I haven’t tried to acquire a credit card since and am happy about the decision.
Treated responsibly, opening a line of credit can be very useful to the credit account holder. However opening your first credit line can either be a big mistake if you are irresponsible, or you can learn financial