But, he feels that due to the interest that accrued, he just never recovered from those first missed payments. After graduation, he was fortunate to get a good-paying job, but then his car broke down. He needed to buy a new one, but was unable to because his credit was damaged from his college spending habits. This put him in the terrible position of having to ask his parents to co-sign on a car loan. Included in the advice he gives to students, is learn how to handle your money.
Credit cards are an evil necessity of today s society.
It is hard to get by without one, but when you get it, be careful how you use it. It s very deceptive in the fact that hundreds of dollars can be charged, yet a small monthly fee is required and you can t get out of it at all credit cards are dangerous when used without experience. She used it for small purchases and was on top of things until she ran into difficulty one summer and had to use it to buy food and pay rent until she could get a job. As for getting another credit card, she would not even get one if she had the resources to pay on time and in full. Andy Jacob is president of Worldwide Financial Services in Southfield, Michigan, where he sees a lot of people with current and past credit problems.