Many teens have the use of at least one credit card with their or their parent’s names on it. How are you doing using that credit? Do you understand that a credit card is really a loan, and that if you don’t pay the total amount that you owe each month, you must pay interest on the balance? Are you aware that each month you don’t pay the total amount due on the card, you pay the credit card company one dollar ($1.00) for every five dollars ($5.00) that you owe on the card? That doesn’t even include the “annual fee,” the amount you pay to the credit card company for the privilege of having a card. You may pay the card company an annual fee of $75.00 each year, even if you don’t use the card during that year. Do you really want to give the bank $75.00 of your hard-earned money for nothing?

If you only use a credit card when you are sure you can pay the entire bill at the end of the month, you are REALLY on your way to your wildest dream! If you have figured out how to get a card with no annual fee, you are practically a genius!