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Credit scam– Big chain stores offer 20% off your 1st purchase if you sign up for their credit card. The instant you do this you have maxed out their card, your credit score just dropped a big jump, and they sell your information. Eeek! The solution is use one credit card, pay it down to zero every single month and don’t spend money you don’t have.
Also, be very careful of debit cards. If you go over the limit they charge huge fees. The idea is that credit people want you to go too far so they can charge you more– like interest rates above 20%. Ditto car dealers. Be smart with your money, save it, pay cash for everything every day. That is excellent. Another great idea is if your employer does matching funds for a retirement account, plus interest on the balance it’s hard to get a better return than that.
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