The Credit Implications of Paying the Minimums on Credit Cards
One thing that has always boggled my mind about the America education system is that we dont have mandatory classes on credit. Think about it. Chances are for 99% of our population that high school Chemistry class they took in 11th grade turned out to be pretty useless in their adult lives. In no way am I advocating that we drop Chemistry from our curriculums, but its completely unreasonable that we cannot find the funding or space for a mandatory course on credit. To be honest, its the one thing thats useful for us all—from the chemist to P.E. instructor—and when you factor in that banks are increasingly targeting 18 year old college kids with credit card solicitations, it makes even more sense to educate the younger population about the appropriate use of credit.
The most common misconception about credit is that the only thing that matters is your credit history—whether youve made payments on time and fulfilled your financial obligations in a timely manner. Sure your payment history is important, but it still only composes just over one-third of your credit score. Moreover,...
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