They See Em Coming
December 15, 2006
Almost as soon as my son turned 18, the credit card offers started to come in.
We explained all we knew about the pros and cons of having credit cards to him. He opened up a checking account and got himself a couple of cards.
He is doing pretty good with them but learning some costly lessons along the way.
For instance the due date. Both his cards came due on the same day. After work he sat at his computer and transferred a couple payments from his checking to the card companies.
A couple weeks later when he checked his accounts he was livid to find out they hit him with late fees and over the limit fees, which totaled over one hundred and forty dollars for both accounts.
His fist costly lesson was it’s not enough to pay on the day they are due, there is also a time of day they are due, which was by three on that day, he paid at five.
What can I say? It’s a cruel cold world out there, get used to it and read the fine print.
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