Young lad, credit card yay or nay?

dancingboy1989

Hey,

i'm 22 and have been in steady job for 3 years now since leaving college, I earn ok money (15,000 yearly) and over recent months been working on curbing my spending and trying to rid the few debts I have ie my argos card balance of £100 and tv £400, with christmas coming up will find it hard to buy presents and having family issues due to benefits of a parent, having a credit card for that extra security would come in handy but I do not want to live from it by any means just feel it may benefit me for next 3 months or so, is this a good idea? only thinking a £300 limit?

help!

Also how do I go about finding out about a payrise???

MPH80

Personally - I'd say this is a bad idea. I'd suggest the better idea is to explain to relatives that you are short of money right now - so presents will be made or cheap.

In terms of the payrise - it depends entirely on the work you're doing. A 'standard' hourly role probably won't have a huge scope for a rise, but an office job might well do. You need to know what other companies are paying and what you're worth. Go with evidence of what you can get elsewhere and why you deserve it (what you've done over and above everyone else).

It's no good going and asking for a rise without good reason. You have to show that you're worth it and show that you know it too. If a mediocre team member asked for a rise in my team, I'd weigh up the cost of recruitment (agency fees etc and my time lost) against the cost of the rise (for 2 years) and how much I wanted to retain them. A poor member would get nowhere (I'd be happy for them to go) and a good member would get told I'd consider it before I'd come back with something.

My point is that a person I see as mediocre might influence me if they can remind me what makes them good.

M.

Lessbutbetter

If you're sensible with your money and can manage it well, which you seem to describe by saying you've been reigning in on spending then it could work for you. I'd be more inclined to seriously consider who you're going to spending money on at xmas, or rather the amount you'll spend on gifts. If you can manage to still pay some off your debt, and perhaps purchase small but meaningfull present for family ect then you may not need a CC.

The fact you're in a little debt, plus your issues with xmas coming up, and needing a payrise indicates maybe that it would be quite easy for you to overspend on a CC if you were to be accepted for one. That would be V bad, considering your salary is quite low and the interest on those cards is nuts. You don't want to be paying only interest off a card like that every month.

Good luck and seriously consider your choice. Credit might seem like the easy option but it's not.

alun4

It will be necessary to establish a good credit record for later life (mortgage applications etc) but if you are all doubtful that you will be tempted to use it (other than a small amount once and then repay in full) when in a financial position where it may be a problem .... my advice don't do it yet!

FLAPJACK

Before you get one.....don't forget to read peoples stories on here and what situation some of them are in because of CC's.

You sound as if you are sensible and will start out with the best of intentions to keep a curb on CC spending...you however have to stay diligent and pay it off each month...never just the minimum payment!

As someone else has said here, in this day and age it seems almost that you HAVE to have one to create a credit history, and at your age that will need to be done.

Don't forget if you ever miss a monthly payment it's on your credit file for 6 years!!

Above all (as my old dad told me when I first got one) the credit limit is a LIMIT not a TARGET!!