February 27th, 2009
Learning to Borrow Wisely
When my son graduated from college, he was delighted to get several credit card offers in the mail. After years of working, studying, and going without, the idea of being able to buy what he wanted was irresistible.
Soon he had reached his credit limit and was being charged over limit fees, late fees, and a higher interest rate. He was beside himself and terrified of the amount of debt he was in.
I explained to him how to create a repayment plan and the finer points of wise borrowing. Within two years he was debt free and is actually thankful that he learned about wise financial management so early in life.
