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Need Internet access, which credit card should I open?

Dear Dave,

I’m 21-years-old and am starting college here in Texas. I need to open a credit card for various things I need at college, such as Internet access. I’ve never had a debit card before, so I don’t know all of the details, but I figure it could help me with my credit rating as well. Do you recommend a credit card company that I should go with?

Kyle

San Antonio, Texas

Dear Kyle,

Obviously you haven’t listened to me much or you would already know my answer to this question. Don’t worry, though, I’ve got an answer for you. I NEVER recommend using credit cards. NEVER! You can obtain Internet access without a credit card simply by setting up another form of payment, such as a debit card.

There are always other methods of payment. The debit card, which is connected to your checking account, means that you are spending money that you actually have. If you do not have the money in your account, you will not have Internet access. That’s the way it works and that is the smartest thing you could possibly do.

Credit cards are the quickest way I know to be broke for the rest of your life. Spend what you make, not what you hypothetically think you’ll have at the end of the month when the bill comes in. The debit card will work in all situations the exact same way that the credit card does, only you won’t have a bill to pay at the end of the month. There is nothing you can do with a credit card that you can’t do with the debit card. Believe me. I travel all over the country and stay in hotels and rent cars and everything using my debit card.

All that a credit card will get you is trouble.

Dave


Should doctor close practice, file bankruptcy?

Dear Dave,

I own my own medical practice and am ready to file bankruptcy. I am in a lot of debt and the practice doesn’t seem to be supporting itself. I took out a large loan and I just can’t seem to pay it back without the interest catching up on me. The revenue of the business is not down, but I still cannot make ends meet. Should I file for bankruptcy?

John

Texas

Dear John,

I know you went to school to be a doctor, but you are now in a business. You need to learn how to run a business and run it profitably. Before you file for bankruptcy, call the company that loaned you money and see if you can renegotiate. Call the folks that you borrowed from or that you are renting from, let them know what your situation is and see what they can do.

I also suggest hiring a business manager to run the business side of your practice. That would require paying them a salary, but more importantly it would assure that you are running your business properly. I don’t think you’re bankrupt. I think you just started a business without really forming a realistic business plan.

Don’t file bankruptcy, John. You’re doing what you love and you’re doing what you’re called to do. Now you just have to find out how to make enough money to keep doing what you love.

Dave


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