So credit card debt must really "Vanish" after 7 years because how was I able to

[disneysteve]

now have a 725 credit score

Having a decent credit score does not mean that you are winning with money.

How much do you have in your emergency fund?
What percentage of income are you saving for retirement?
How much debt do you have?

Answers to questions like those and others are what determine if you are winning with money.

[disneysteve]

Most people are not mature and responsible at 18

There are probably 300,000 or so members of our military under the age of 21 who would likely disagree with you.

[rennigade]

I had my first credit card at 17 or 18. Rarely used it...just for college textbooks. I was never taught not to use it...not to max it out...not sure how I didnt fall in the trap like most do at a young age with a credit card. Lucky it seems. It did have a $1,000 max limit on it though...my parents were smart enough to make sure it wouldnt go further than that worst case scenario.

[rennigade]

Most people are not mature and responsible at 18

The military disagrees. You're allowed to legally kill people at age 18 if you join the military.

At age 18 "young adults" borrow 10's of thousands of dollars in student loan debt that can and will affect them for years to decades.

Of course these young adults at 18 arent mature and responsible. They lack almost all of the life skills needed in the real world...yet they are faced with a lot of decisions that can haunt them for many years or a life time. If there isnt a parent to guide/help them along the way...good luck. Some come out unharmed..most do not.

[saver17]

Having a decent credit score does not mean that you are winning with money.

How much do you have in your emergency fund?
What percentage of income are you saving for retirement?
How much debt do you have?

Answers to questions like those and others are what determine if you are winning with money.

I'm headed in the right direction

[saver17]

The military disagrees. You're allowed to legally kill people at age 18 if you join the military.

At age 18 "young adults" borrow 10's of thousands of dollars in student loan debt that can and will affect them for years to decades.

Of course these young adults at 18 arent mature and responsible. They lack almost all of the life skills needed in the real world...yet they are faced with a lot of decisions that can haunt them for many years or a life time. If there isnt a parent to guide/help them along the way...good luck. Some come out unharmed..most do not.

I was able to get a fresh start in 2006 and now doing pretty good credit wise.

[corn18]

Having a decent credit score does not mean that you are winning with money.

Very true. I was carrying $160k of consumer credit and on the verge of bankruptcy with a credit score of 780.

[Spiffster]

Teaching financial responsibility is 100% on parents IMO... I love my parents and all but they gave me terrible advice when I was that age (18). Just one example (of many) I remember needing 1500 in car repairs and was told to just throw it on a credit card. I hardly knew how interest worked at the time. A 1500 balance could very easily turn into 2000 within a little over a years time paying the minimum. I bought that car for $3k and should have just driven it into the ground as the "needed" repairs were not show stoppers at all.

Needless to say, I had some rough times in my 20s but eventually learned my lesson, the hard way. I know there are a lot of things I will need to teach my kids but also some things that may be better learned through experience, but financial responsibility is definitely not one of them. Although I never thought not paying was even an option.

[LivingAlmostLarge]

I don't know but many people I think and maybe I'm wrong have no idea how CC works it appears.

[rennigade]

I was able to get a fresh start in 2006 and now doing pretty good credit wise.

What does that have to do with my post? Poor attempt at trolling. I just checked over your previous posts...you're a troll. Go find something else to do. Blocking saver17...engaged!

[saver17]

What does that have to do with my post? Poor attempt at trolling. I just checked over your previous posts...you're a troll. Go find something else to do. Blocking saver17...engaged!

I made poor decisions at 18 and got a new start in 2006 to manage credit the right way

[bjl584]

I made poor decisions at 18 and got a new start in 2006 to manage credit the right way

No you haven't. In your previous posts you were asking about paying off a credit card. You said that you might be able to pay it off by July. You were unwilling to take on additional work, as you think it is beneath you. Then, you were planning a trip to New York despite not having the money for it.

As others have said, a good credit score doesn't mean that you are doing well financially. It just means that you have been making your payments on time.

[saver17]

No you haven't. In your previous posts you were asking about paying off a credit card. You said that you might be able to pay it off by July. You were unwilling to take on additional work, as you think it is beneath you. Then, you were planning a trip to New York despite not having the money for it.

As others have said, a good credit score doesn't mean that you are doing well financially. It just means that you have been making your payments on time.

Wel the new York was postponed to June so it looks like the discover card will be paid off before july

[disneysteve]

Wel the new York was postponed to June so it looks like the discover card will be paid off before july

Once again, you are missing the point.

[PeggyHefferon]

I;m confident you made mistakes as a teenager too and learned from them

I have never in my life owed money that I did not pay back. My parents raised me the right way.