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Why did you get your first credit card?


Forum: Financial Planning and Budgeting

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View Poll Results: Why did you get your first credit card?
DEFINITELY! I'm still struggling to pay it off. 4 33.33%
DEFINITELY! It's paid off, but it took a while. 0 0%
I kept my head above water, but I paid a lot of interest. 2 16.67%
I got a good deal on the interest rate, paid more than the minimum, and watched my spending right from the start, so it was fine. 6 50.00%
I've never had a credit card. *cheer* 0 0%
Voters: 12. You may not vote on this poll

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  #1  
January 17th, 2007, 11:39 AM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Curious why you got your first credit card... I don't really remember why I got my first one. Probably a combination of establishing credit and adding a cushion to my budget. Both were REEEEEEEALLY bad ideas!! I usually just paid the minimum. I had no idea how interest worked and didn't really care.
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  #2  
January 17th, 2007, 11:47 AM
Mega Super Mommy
Join Date: May 2006
Posts: 2,667
My parents (of all people) encouraged me to get a credit card so I could build credit. They always fed me the message that you MUST have a credit card (or ten) to exist in this world--they still tell me that to this day. That being said, my parents are some of those rare people who pay their cards off every single month (most of the time) and have never accumulated a lot of debt. Plus my dad makes a ton of money so they can bail themselves out of they need to.

But needless to say, credit cards weren't all they cracked up to be for us, so we got rid of them all and haven't looked back!
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  #3  
January 17th, 2007, 12:07 PM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
I first got a credit card to establish credit AND because I felt so cool & grown up using it (I was 18 and still in high school!)

At first, with just the 1 card, I was responsible and paid it off each month. That's what my parents had always preached, so that's what I did. It was once I had 5 or 6 credit cards and my own place, etc. that I started getting into trouble with them until eventually, we were $37000 in debt. Like Calicocat, we cut them up, closed them, paid them off, and never looked back.
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  #4  
January 17th, 2007, 03:17 PM
nmiracles's Avatar Mega Super Mommy
Join Date: Dec 2005
Location: Houston, Texas
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Quote:
My parents (of all people) encouraged me to get a credit card so I could build credit. They always fed me the message that you MUST have a credit card (or ten) to exist in this world--they still tell me that to this day.[/b]


Quote:
first, with just the 1 card, I was responsible and paid it off each month. That's what my parents had always preached, so that's what I did. It was once I had 5 or 6 credit cards and my own place, etc. that I started getting into trouble with them[/b]
that too.

I will just take a bit from both of your stories. That is exactly what happened to me.
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  #5  
January 17th, 2007, 07:44 PM
MandiK's Avatar Platinum Supermommy
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I was living on my own, going to college, trying to pay for everything in the world, etc. I got one so that I could buy textbooks at the beginning of the semester, and have some 'cushion' for 'emergencies'. Initially it had a $250 limit, but I was a good little customer and paid it all the time so they up'ed the limit again and again to "reward" me for being so diligent. Then ... I got less financial aid than I thought (and paid tuition with it) and needed groceries (and bought them) and had to put gas in my car to get to work/school (and used the card) and then the car broke while I was driving it and it was fix it or drop out of school (so the card paid for that too) and on and on it goes until you get to where I am.

Stupid, stupid, stupid. One day, one day they will be gone, but I'm pretty sure you have to have money first. Haha.
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A 20something, graduate student, college prof, tree hugging, time managing, coupon addicted, cosmetic selling, dirt worshipping, girl who is in love with Ben and welcomed Sofie Grace on 1/31/11.
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  #6  
January 17th, 2007, 09:19 PM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
I voted, to establish credit. For me, it turned out well. I've never carried a balance, so I've never paid any interest. I saved lots of money in HS from my PT job and over the summers and gigs in college and lived really cheaply. Though I paid for most of my stuff myself, my parents would help me out some with car repairs. My last year I did have to take out some student loan money to pay for rent and food. With my sister in college also my parents couldn't help as much and my savings had run pretty dry. I wish I hadn't had to, but I'm paying it off now at 3% interest as opposed to %16 and the interest is tax deductible.
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