Re: basic credit advice for young person

Posted by Richard Hasting (208.251.29.99) on March 05, 2004 at 11:50:48:

In Reply to: basic credit advice for young person posted by sd on October 02, 2003 at 22:12:37:

I am sixteeen years past where you are right now.

From where I am sitting, the best advice I wish I had gotten is:

Pay off what you owe, as fast as is comfortable.
Don't borrow for anything other than a house, and that, put down 20% or more and take out a fifteen or 20 year mortgage on it.

Pay cash. And don't worry about your credit score, and retire very rich. By the time I am done paying for this debt I have now, I will have paid hundreds of thousands in interest, and lived paycheck to paycheck far too long.

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