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Debt Discussions about debt and how to deal with debt.

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  #16  
Old 08-05-2011, 06:24 PM
kate032 kate032 is offline
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Join Date: Jul 2011
Posts: 57
Default Re: Young and in debt

Quote:
Originally Posted by littleroc View Post
So you have credit cards but you don't use them?
I use them frequently for everything I would buy with cash. But, the balance is paid off every month. So, I technically am using credit, but since I don't have a balance, no interest is charged. In fact, my rewards are several hundreds of dollars.

When you pull up your free credit report, whatever current balance (even if it's not overdue) you have will show up on the report. Thus, the credit report might show that I have $2000 worth of credit card bills, but the report was generated before the bill was due.
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  #17  
Old 08-10-2011, 04:42 PM
iMoneyCoach iMoneyCoach is offline
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Join Date: Aug 2011
Location: Wheat Ridge, CO
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Default Re: Young and in debt

It sounds like you are pretty responsible and that it's your parents who made a mistake that unfortunately affected you. I agree with the advice about forgiving them but never letting them use your credit cards again. Definitely try to go for the Secured credit card when you can save up some money for it. To get financing, you can sometimes show cell phone bills or other documentation, so talk to some car dealers or check with a few landlords about that.

And when you do get credit cards, it is OK to use them as long as you are paying off the entire balance in full and on time each month. This will help build your credit score, AND if you use a card with rewards you can get some freebies along the way.
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  #18  
Old 08-11-2011, 05:55 AM
reshma adhikari reshma adhikari is offline
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Default Re: Young and in debt

i can understand you mate.thats exactly my problem too.my parents had taken load from the bank against some land for my higher studies and due to some problem,we are really having some difficult time to pay back.but we have to do what we can so i now regularly do tuition to some children as my fathers money's large chunks is paid to debt.so so bad situations i am in.
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