Betcha didn’t think the two could be related. Au contraire!
It’s quite an eye-opening little video, no?
I’ve known about the dangers of credit card interest for years. Back when I was in high school, my mom made sure I understood that credit card companies’ main goal was to get you to charge more.
But even having known these facts for 15 years (I have got to stop reminding myself how long it’s been since high school!) I was very startled by this video. Knowing it and seeing it, though… Two different things.
If you had seen this before you got a credit card, would it have changed your actions? Your attitude? Or would impetuous youth always win out?
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{ 1 comment… read it below or add one }
NOBODY, including mom and step-dad, really bothered to explain money and how it works to me while I was growing up. Mom was never in debt over her head but that was because she wasn't frugal so much as just stingy. The only thing step-dad knew to do with money was spend it.
Anyway, when mom, then divorced and unable to work, ran out of savings a few months before she could start collecting SS, she was dependant on me and her brothers to pay her bills. That was a huge wake-up call for me, because I realized I was $9500 in CC debt and that was not good for someone in my income bracket. I finally got started on my financial education.
Financial ignorance is one of the main causes of this recession. Money handling and investing need to be taught in school, middle school at the very latest. Of course, that's not going to help everyone but it definitely would have made an impact on me.
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