Moose Jaw -
There are a few topics some parents find uncomfortable to talk about with their children, however, if left un-discussed the consequences could be devastating and or leave permanent damage.
Credit, the good, the bad and the ugly. The facts about credit should be a mandatory class in high school, right up there with history, math and sex education.
We all know the feeling of being approved for that first credit card, the excitement and joy that runs through the body the first time you hold that smooth piece of plastic in your hands, the empowerment you feel the first time you swipe it and the dumbfound shock that accompanies the first statement.
Credit is almost like a bad drug, you know it is wrong and you don't want to use it but once you start, you just can't stop.
All of the sudden you can have those shoes you have been eyeing for the past month. Just charge it. The jeans you know are way too expensive for a starving student but make your butt look three times smaller than it is. Charge it. And finally the Friday night out with all your other broke friends. Charge it.
When you're not used to dealing with large sums of money, especially the kind that has an added 18 per cent interest rate hanging over it, it is easy to let your spending get carried away.
Also when you're lacking knowledge in regard to the evil ways of the credit card, debt can quickly become that unwanted friend who never seems to go away.
Now don't get me wrong. There are those few young adults out there who have the common sense and wisdom to stay far, far away from the financial clutch of the credit card. However, unfortunately I was not one of them.
I had to learn the hard way what a few missed payments and a small raise in my card's limit could do.
Last year I went to take out a small loan. I thought it would be a piece of cake.
I mean after my first disaster with credit in university, I had learned from my mistakes. I make all my payments on time and make sure to always pay more than the required minimum payment.
But it was too late. Because of my foolishness almost seven years ago, my credit record is tainted.
The sad part is, is if I had known the effect of my recklessness prior to purchasing that wondrous but unnecessary pair of jeans, I would like to think, I would have made a better decision. But what's done is done; all I can do now is promote credit chastity, or at least tell my story and hope it helps others.
For all those innocent souls who are still credit card virgins, I say to you, think long and hard about what you want to do. Don't let the thought of free money or the pressures from the big credit card companies influence your decision. Just remember after you make that first swipe, there is no turning back.
Lyndsay McCready can be reached at 691-1256.
