What I've Learned About Credit Cards

I wish I could say that this was a dream. After going on and on about how stupid 18-year-old Jenny was to get herself in over her head in credit card debt, here I sit, telling you a similar story. Except this time, I can't blame Jenny; this was my own moment of weakness. But I mean, come on - my first day on campus at college and I walk by sixteen booths offering fabulous credit cards. Really? These are sick people, preying on young innocent college students who happen to like shopping. These people know exactly what they are doing. They are ruining what should be a great four years - away from home, a first taste of freedom... all about to be destroyed by expects in psychology and business, who only want money and apparently a good laugh. Well, congratulations Chase Freedom people; you got me.

It sounded like a great deal - no annual fee and an APR of only 8.99%! Plus, a cash line of $3500 and a minimal late fee of only $10, all wrapped up in a pretty blue card that is very fun to slide. Why not? I can handle myself. Compared to all the other offers, this seemed pretty reasonable and student-friendly. So I did what any other girl would do - I did a little shopping. With my shiny new card. A few hours later I was leaving the mall with a Coach wristlet, some sparkling new pumps, plenty of hoodies to keep warm for the winter and $500 in iTunes giftcards to spend all on myself. Only $1200 for all of it, I'll pay it back later. No harm done. Wrong.

Turns out, there was some serious harm done. Only a few days later, two pairs of expensive jeans ripped, all four buttons fell off my winter coat and my mittens went missing. Back to the mall to replace all my favorite things... and pick up some groceries. And put some gas in my car. And maybe grab some soup at Panera. Oh, and loan a few bucks to help cover the food for the party tonight... by the end of the month, I had racked up over $4700 - way over my limit. And it turns out, the Chase people forgot to mention the numerous finance charges; I got charged $40 this month, a charge I wasn't even aware of until I was expected to pay it! Oh, let me explain something else I failed to comprehend when I applied for this card - the concept of an introductory period and an introductory rate. So you credit card people mean to tell me that my rate jumps to 17.99% after the first six billing cycles!? What's so bad about a fixed rate!?

Well, somehow I have to pay this off; and I, as a college student paying $32,000 a year, do not have $4700 floating around! As fantastic as it is to have both balance transfer and cash advance as options to help pay, all I see that doing is adding to my bill. No thank you. You know, the last thing I want to do is call home to Mommy & Daddy to dig me out of this hole... not after I just got out of the house. Looks like I won't even be able to take advantage of the rewards programs they discussed with me - use the card enough and earn free air miles? I'll take it! Free trip home, I hope. But not now; now, my only trips home are going to be to beg for money to pay off this bill.

Maybe I could say the card wasn't used by me... yeah yeah! I could use that zero liability policy! Wait, did they say I had that or I didn't? Life lesson : read the fine print. Yes that would be a good idea next time. I don't even know how accusing someone else of buying things would even sit with me; it's just plain wrong. Well, if anything, I have learned from this little screw-up. Ignore all the screaming people offering me low-rate-this and high-limit-that. Forget it; credit cards aren't for college kids.