It can be challenging to listen to the wisdom of the generations before us. (We all have to make our own mistakes, right?) But when it comes to perfecting your credit score, learning by example can save you money down the line. Analyzing every detail of your parents’ credit history can be close to impossible, but you most likely will learn some key credit lessons that are long overdue their time in the spotlight. When it comes time to perfect your score (hint, that time is now), heed these six credit lessons that we wish our parents had taught us.
1. Paying interest is one tough chore
Let’s be real: Making monthly credit card payments isn’t fun. But the pain (literally) compounds when you top off your monthly bill with interest payments. With many credit cards carrying an interest rate above 12%, missing even one payment can result in a large (and painful) interest payment.
We wish Mom had said: “Paying interest is like scraping your knee in the same spot every day.”continue reading »