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 such as Internet access. Will you recommend a credit card company that I should go with?
Kyle
Dallas, Tex.
Dear Kyle,
Obviously you haven’t read my The Total Money Makeover or Financial Peace Revisited. Or if you did, you must be a good “skimmer,” as are most college kids. Don’t worry, though, I’ve got an answer! 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.
Dave
Is the Upromise plan a good idea for college funding?
Dear Dave,
I have two children who are planning to attend college. Is the Upromise plan a good way to save for their education? I was thinking it might be since we spend a lot of money at CVS, one of their sponsors? Is it really worth it or is it a gimmick?
Myra
Houston, Tex.
Dear Myra,
Here’s how the Upromise plan works. Companies like CVS, Coca-Cola and McDonalds sponsor the plan. When you buy their products, a small percentage of what you spend is contributed to Upromise. That money is then credited as savings for your future college student.
The plan is fine as long as you place it into perspective. Keep in mind that most of it is a gimmick when you consider how much you have to spend to get money for your kids. If they put one percent of the money you spend into savings for college, you’d have to spend $100,000 at CVS to have $1,000 for your child’s education. That won’t get them far. I suggest simply saving that $1,000! What will happen is that you’ll start spending more than you need to at the drug store because it becomes justified by your child’s education. You should just buy only what you need and save the rest!
College is not cheap these days, Myra, and I doubt you could ever buy enough shampoo and cotton balls to pay for even a semester of higher learning. Start now and save hard. You’ll be surprised at what you end up with.
Dave
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