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Introducing – Credit Card #6


Yes, you read that right. Add another credit card to the collection. It wasn’t something that I was meaning to do, but it just happened.

We went out yesterday to get a stove. I had some extra money from working quite a few overtime hours and we were planning on buying the stove just from the money we have (it would have been the first appliance we’ve purchased without using credit). It turns out that the store had a great deal with their store credit card. If you signed up for it and paid for your purchase with it, you would get free delivery of your appliance as well as 10% off. That was a savings of $105 dollars. AND, you purchase is interest-free for a year.

I carefully looked over the fine print, and it states that the interest rate after the interest rate period is a whopping 23.5%!! So, this card will definitely need to be paid off before next year. That is where these cards get their money is in the very high interest rate. And they get you to apply for the cards with their great deals.

Approval for the card was almost instant (geesh – it is so easy to get a store credit card!), especially with my debt load. I didn’t like getting yet another card, but if credit is used responsibly it can be a good thing. The key word being responsibly.

Another advantage of getting the interest free card is now I am able to put the money that was going to purchase the stove and put it towards paying down a higher interest credit card. Then, I will have less in finance charges to pay. I think much to do with paying off debt is how to juggle it.

I am really hoping this decision won’t come back and bite me. Time will tell.

Technorati Tags: credit+card, credit, interest+rate

Teaching Personal Finance in Schools


When I went to high school, there were no classes offered on personal finance. There wasn’t even a class that touched on the subject. But I sure wish there was!

I think schools now-a-days are too concerned about “book smarts” and less concerned about “street smarts”. You know, tools on how to live your life. I think back and feel it would have been much more beneficial to my present day life if we had discussions about how to handle your money.

I’m not placing blame on my high school for my debt. I will honestly admit that I got myself into it. But it would be nice to see a shift to some coursework that will help you live your life once you leave high school. I think that would do wonders once for teens once they hit the “real” world.

Technorati Tags: debt, personal+finance