One of the hardest things to figure out when entering the real world is credit cards! All of our parents have them and we have all seen them but do we actually know what is going on?
A credit card is plastic that allows you to pay for something using someone else’s money. The money spent on a credit card is not yours, you pay it back at the end of each month. Its insta money!
A credit card is gotten through banks and has a max on it. For example, you can spend up to $500 a month before they won’t give you anymore money. When you pay back on a credit card you can pay back the full amount, which is the best, or you can pay back the minimum. You always want to pay at least the minimum or you will be in trouble. Credit card debt is awful so don’t fall into that trap.
Takeaways!
1. Pay the bill!
2. Keep the amount spent each month below 30% of what you can spend.
3. Wait 6 months at least between getting new cards
4. Review you account to stay on top!
Keep Aduting!
Mark Oliver Wizard Goldstein
My Magical Life 