Tuesday, July 29, 2008

Starting My Financial Life

I can't believe that I'm already doing something about my financial status. I mean I've just went to my bank today and just got my self a credit card. Yup I was approved instantly (because I invested $500 as a security deposit) and I am now on my way to make a credit rating.

A good credit rating means being approved for future loans and a bad one means goodbyes to your dreams of buying a car or house. Well you could always pay in cold hard cash but having a credit card thus have its benefits.

One of my reason for having a credit card is that I want to buy stuff over the internet which I could never do with my debit card. And if ever I need cash immediately the credit card can help me with that department.

But I should be wise in using my credit card because it's like a double edged sword. If I over use it I could end up under debt and this will not look good on my credit history.

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