Things I DIDN’T Learn in College: Part 7 - How I Experienced the Double Edged Sword of Credit

By Ron | Feb 19, 2008

My first experience with credit was during the Christmas season of my freshman year in college. I went to a local department store and bought some gifts for my mom, dad, and little brother. Though I was fully prepared to pay cash, I was offered an ‘in store” credit card on the spot. The clerk told me that I had a $100 limit and that my payments would be around $10. I remember thinking, “Are you kidding me? This is great!” I reasoned that $10 was nothing and by doing this, I would save some cash for going out to eat. Besides, it was cool to flip out the plastic.