First Credit Card Rules of the Road
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Dear Opening Credits,

Hello Erica! I’m a 21-year-old college student with a part-time job and a roommate. I was just approved for my first credit card. At first, I was really excited, this being my next big step into adulthood and all. Now I’m just scared. I’ve seen and heard horror stories about credit cards turning ugly, and although I’m very financially responsible, I feel as though using a credit card is like playing a game with difficult and rigid rules. My questions are: 1) how should I go about making payments? My mom says to make a payment immediately after making a purchase, and I feel as though that defeats the purpose of a credit card, and 2) should I make minimum payments on big purchases or pay the entire balance off as I don’t buy things without first having the money in my checking account. I’ve had friends tell me to make the minimum payments, but paying 20% in interest rates seems not only stupid, but unacceptable, and 3) if I go a month without making a purchases on my card, will my score be affected?¬†


Dear Alexandria,

There most certainly are reasons to be wary of credit cards! They include the ability to overcharge and wind up in horrible debt, then experience credit damage that can last for years. If you charge with that new card of yours i…………… continues on Fox Business

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