That 'C' word

betterlatethannever

Just an update (having to this as DD has a gun at my head:eek: )

she got her CC and today the statement arrived. I was shocked and amazed that she had kept a written record of each spend and knew exactly the amount in total. She had also saved up a little from each week wages and paid the bill in full!!!
I'm really proud and hope that the advice i received off here (and passed on to her) has helped, i think it may have.:T
Fingers crossed that this carries on and its not just a first flush.....but if anyone ever comes on here with the name betterlatethannever 2...please help her:o

RAS

Really please for her.

She has to live her own life and learn her own lesson, but you can tell your own story and she can take from it what helps her.

wherediditallgo

Your daughter is definitely starting off the right way, so good for her - if she's going to put money aside each week, she'll see how much things are costing her & will probably decide against some purchases. If I'd done the same thing years ago, I wouldn't have had half the things I ended up with & wouldn't have had to try selling some of them years later either.

Broken_hearted

Sounds like you are doing a good job raising her. Yes she might make mistakes down the line but you have learnt enough to help and understand.

Homework

Really interesting thread. 18 year old received 2 letters this week, one offering a Provident loan that states 180+% APR along the bottom in large enough letters to see and the other from Vanquis cards offering a £250 credit card to build a credit history - £250 balance pay back £250+£388 interest over 6+ years.

He was really pleased that they thought he deserved these!!!!!!!! thank you for this thread.

Homework

I was so angry that he was being targetted. He has not applied for anything so it must be the electoral register.

We had talked things over before and discussed what did he think that he might apply for a credit card/loan for and discussed saving and buy now pay later things. We seem to have got through to him that it is best for him to have some money first before he starts buying things on credit. We've now went through APR and interest and charges again. We've agreed that when he thinks he needs a card we will go though the process together and work out the best one, he seems quite pleased at that as he thought we would just say no.

fiveyearplan

We had talked things over before and discussed what did he think that he might apply for a credit card/loan for and discussed saving and buy now pay later things. We seem to have got through to him that it is best for him to have some money first before he starts buying things on credit. We've now went through APR and interest and charges again. We've agreed that when he thinks he needs a card we will go though the process together and work out the best one, he seems quite pleased at that as he thought we would just say no.


Another great deterent would be to show him that calculator (somewhere on this website) that says how long it would take to pay off a certain balance if you just pay the minimum payment.

Homework

It kindly showed him that it would take 6 years 2 months to pay off the £250 plus £388 interest and we worked that out. It alarmed him that money for Christmas he could still be paying off by the time he gets married or gets his own house. He has been shown the site especially the demotivator which I think is fantastic.