Another great one about finance - Understanding Credit

Today's life lesson is about understanding credit. Whether you plan on it or not - you'll have to deal with credit or some kind of loan sometime in your life. I didn't get my first credit card until I was married to my first husband at 18. I applied for, and received an American Express card in my own name, based on my job (not on his, I worked for a savings & loan). I was incredibly proud of that card - in fact I still am to a certain extent. To me, it represents a certain amount of independence, a sign that I had arrived at "adult" somewhere along the way. I selected an American Express card because you had to pay it off at the end of every month (not true now, but it was then). It kept me from over spending. A couple of years later I got a MasterCard with a limit of $500 - an amount that would hurt, but not decimate me if I had to come up with the money.

I can't remember who was the first person to impress upon me the lesson of keeping up a good credit rating. I grew up without credit in our house. I knew about paying bills on time, and paying them before doing anything else with your money... but keep up my credit I did, and it has served me well.

( Understanding Credit )