Picture this, you’re 18 years old, you’ve decided not to go to university for a year. You’re living at home with your parents, have a decent job, and an ad for a 0% credit card with £2000 limit pops up on your laptop.
I was 18 years old when I got my first credit card. I’m now 22 years old and have been paying minimum payments for 4 years whilst struggling through university.
My credit card was ridiculously easy to apply for, I did it all online, it took me about 15 minutes and it arrived within 2-3 business days! At 18 I didn’t bother to think about what would happen in 18 months when the 0% interest ended and id be at university with a credit card at 30% interest (or something ridiculous like that).
If I could go back in time I would obviously have never done it. I would have just gone without the new clothes, makeup and Costa coffees that I lavishly enjoyed.
But that’s a useless statement to make now. “I wouldn’t have done it”, well Mollie, you did. So find some positives from the crappy situation.
1. I have learnt A LOT about my spending habits. Between 18 and 20 I was reckless, since then I haven’t had any disposable income and so I have kept up with monthly payments, but the debt is still there.
2. I will always PAY OFF IN FULL (thanks Martin Lewis), when I EVER get a credit card in the future.
3. I have been on such a tight budget during uni that when I start earning proper money I SHOULD be able to pay off debts and save fairly easily.
That being said. If you’re an 18 year old reading this, please don’t get the credit card. Save for your new jeans, or your expensive holiday, live within your means and think about what you can afford.
Has anyone else made horrible money choices in their teens?