To this day I can remember getting my first credit card as a freshman in college! I ripped open the envelope and thought—EUREKA!—I'm in the dough now. In record speed I was at the local shopping mall 
to use that newfound wealth (or so I thought) to buy those must-have jeans, shoes and music. All in all, it probably took me less than 42 seconds to reach my credit limit of $300.
I cannot tell you how wonderful it felt to put on those fabulous new jeans and shoes. I was styling! For the next 24 days I was carefree, not a money worry in the world.
Then reality hit: The credit card bill arrived.
My initial thought was, no problem—I'll call my parents, share the good news of the nice clothes I'd bought myself, and ask them to help me pay the credit card bill. My Dad did not skip a beat in his reply: “You charged it, you pay for it.” Although I attempted every reasonable angle and even a few tears, they did not cave. I had to find the dollars to pay for my shopping spree.
Oh well. I reviewed the statement and saw I only had to make a minimum monthly payment of $15. No problem—I could handle that. But then I looked a little more closely and did some quick math. With minimum payments (and interest) it would take me longer to pay off the bill than my new shoes would last!
In the end, I had to give up more than a few fun weekends each month—four months to be exact—before the bill was paid in full. I can definitely say sacrificing my time with friends to save money and work extra hours at my campus job was not a highlight of my college experience.
Yep, I got my credit education the hard way. In the coming weeks, we'll be discussing credit education in more detail. I'm sure you have your own credit dilemma or fun story. Please, share your experience! 
Leave a comment
Please Note
By posting content on this Blog, you expressly grant Wells Fargo (and its affiliates) the right to use or distribute the posted content in any form, worldwide, and in perpetuity. You also agree to indemnify and hold Wells Fargo harmless against all liabilities, losses, claims and expenses arising from your posting of materials on this Blog (this includes any claim that Wells Fargo's use of the content or images infringes on someone else's intellectual property rights). Please read our Community Guidelines for more information.
If you have immediate service needs or require follow up, please contact your bank representative or relationship manager.