Comments on: Why I Didn’t Use Credit Cards In College http://www.college-startup.com/finance/why-i-didnt-use-credit-cards-in-college/ Making money from a dorm room Thu, 28 Jan 2010 15:27:25 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Mike Michalowicz http://www.college-startup.com/finance/why-i-didnt-use-credit-cards-in-college/comment-page-1/#comment-14903 Mike Michalowicz Tue, 18 Mar 2008 22:29:08 +0000 http://www.college-startup.com/finance/why-i-didnt-use-credit-cards-in-college/#comment-14903 I learned about money the hard way. I blew a $250K loan from a bank that was intended to grow my business. I used the cash to buy office furniture, hire unnecessary staff and pick up a new car. The result was no additional revenue , no new clients and scary debt. I read the book called Automatic Millionaire by David Bach. That really opened up my eyes and I suggest others read it too. I have been cc debt free for years and years now. It is a much less stressful lifestyle. By far!!! I learned about money the hard way. I blew a $250K loan from a bank that was intended to grow my business. I used the cash to buy office furniture, hire unnecessary staff and pick up a new car. The result was no additional revenue , no new clients and scary debt.

I read the book called Automatic Millionaire by David Bach. That really opened up my eyes and I suggest others read it too.

I have been cc debt free for years and years now. It is a much less stressful lifestyle. By far!!!

]]> By: Chris Garrett http://www.college-startup.com/finance/why-i-didnt-use-credit-cards-in-college/comment-page-1/#comment-14894 Chris Garrett Tue, 18 Mar 2008 19:56:32 +0000 http://www.college-startup.com/finance/why-i-didnt-use-credit-cards-in-college/#comment-14894 An ex-colleague is in a decently paid IT management position but for years a lot of his salary has gone to paying off debts he grew as a student. The equivalent of $120,000 - what started as credit card debts turned into consolidation loan after loan, a negative spiral that took the banks to get heavy to get under control. At the same time I have friends who happily and sensibly used loans, cards and part time jobs to come out ahead while still having a great lifestyle. Personally I left school at age 15 and was basically so broke nobody would have risked a credit card on me so never had to decide :) An ex-colleague is in a decently paid IT management position but for years a lot of his salary has gone to paying off debts he grew as a student. The equivalent of $120,000 – what started as credit card debts turned into consolidation loan after loan, a negative spiral that took the banks to get heavy to get under control.

At the same time I have friends who happily and sensibly used loans, cards and part time jobs to come out ahead while still having a great lifestyle.

Personally I left school at age 15 and was basically so broke nobody would have risked a credit card on me so never had to decide :)

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