Teens coming of age

I talked to Abra today and she’s excited to come home. One of her big plans upon returning is to get a job at the strip mall just a few block down the road. She really wants to upon a bank account get <credit cards. Well the bank account is the easy part.

I did have to explain the whole credit card process though. One the one hand having a credit card is highly beneficial to your credit score and you can easily get a Free Credit Report to guage how you are doing. By making small charges and then paying them off within the month over the course of years will really benefit future credit needs. With good enough credit you can even qualify for 0% Credit Cards.

On the flip side however running up credit card debt is extremely hazardous to your credit and can take years after cancelling the credit card to pay it off. Credit is a nice thing when used responsibly. Of course she may have to find out for herself in the long run.

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