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so damn I'm 24 I have a credit card I've had one for several years what kind of advice would you give to young people who are just starting to build credit and making purchases with credit cards it's a good question because over the past 10 years or so a lot of young people have gotten credit cards and they're getting them ridiculously early age I don't know how old you were when you got your first Lyon how old were you 50 I that time I'm confident when I had my first credit card I was 20 I was in college I had a job and I had to have one I wouldn't have been able to get a credit card but nowadays people in high school have credit cards all the time and so younger and younger you're getting this responsibility for having to manage your money and it gets hard to figure out you know you don't necessarily have as much experience with knowing what it means to put yourself potentially in debt that you have to pay off over time yeah I feel like when I first got my credit card I was just so afraid of interest to me interest meant like throwing money away like I felt like I couldn't carry a balance ever yeah that's actually really healthy attitude towards it um you know if you had to pick between being scared to death of the credit card and thinking that it's the most natural thing in the world to use it then i would recommend being scared to death because the thing is so many people they don't think about it in terms of what it means in the future it's just a way of paying for something and all too often you get into the mindset where hey i can buy this I don't really have to pay anything I don't need anything right now all I do is I show them this card and I get what I want and I don't get the bill until next month and even when i get the bill next month i don't have to pay at all i only have to pay 20 bucks or something and what they don't realize is that they're setting themselves up to pay twenty bucks or forty bucks or a hundred bucks every time month in month out for years after they get their things and that can cause huge problems that young people just aren't as prepared for yeah like perhaps they don't have the foresight about how would later affect your credit score that's right you know it's an important thing too because for a lot of people having their first credit card it is their first chance to make an impression and to get a credit history and it's so important to make a good first impression with your credit history because it has so many ramifications down the road when you want to buy a car when you want to buy a house even when you're applying for jobs nowadays some employers actually look at your credit history really to see what your financial situation is to judge whether you're a good risk or are they allowed to do that I don't know that they are it's kind of scary that's so weird it can also come into play when you when you need to get an insurance policy like when you're trying to get car insurance your car insurance company will pull your credit report and so it just it becomes so important I had no idea that many like different transactions involves people looking at my credit score yeah it's something that you can actually carry you're going to actually find out about who's looking at your credit score if you pull your credit report the agencies that keep track of your credit are actually required by law to let you take a look at their report once every year totally free there's actually a website for it it's called annual credit report.com and you know you also see commercials about it the gels but the jingles are actually different websites so be careful it's actually that one website that is mandated by the government to give you a credit report with no questions asked no subscription right now I'm creepy no monthly fee it's yours for free and you can take a look do you think that's important should people be checking every year it is important to take a look because even if you do everything right sometimes so yeah it's good for a couple of reasons one is that nowadays there's so much identity theft going on that sometimes you may have a credit card in your name that you didn't open that you never knew about that somebody else intercepted and it has run up huge charges on and oftentimes the best first way for you to find out about that I'm checking is by checking your credit report the other thing is that a lot of the time credit bureaus end up making mistakes on your credit report even when you've paid on time there may be a ding on there ok and so if you don't know about it you can't fix it if you do know about it then you can take the steps you need to to make sure that the accurate information is on there and so you get credit for the good moves that you've made with your money so what was the website again for getting your free credit report it's called annualcreditreport.com so Dan what if you what if you want something like a credit card but you don't want to have like have to do with like you know the yearly charges are like interest and all those other things are there other options out there for young people there are and it's something that a lot of parents can actually feel really comfortable with as well if you use something that's called a prepaid card and basically how that works is it works like a debit card except that there's a pre-loaded balance on the card so if you want to buy something it has to be it can't be any more expensive than the money that's left on the car it's not like a dead well cuz like with a debit card you can like some debit cards I've had this happen before uh-huh don't tell anyone I'm debit cards you can buy something and not realize you didn't have enough and you're checking and then voila they'll still let you buy it and then you also get like a big overage charge yeah prepaid cards they just stop you right there nothing like that they won't let you take it out of the store it'll bring it over bring the buzzers and they'll say no if you don't have enough left on your card it's a great way a lot of parents use it to add allowance to cards two NT you know even teach younger kids kind of the basics of money management and knowing you know how to buy things in the different ways that that you can go to a store and buy things do these cards have any fees your knee they do so you have to be really careful about which ones to get it's a question that you can talk to the companies that provide them and make sure that the fees any fees that they charge are worth it to you in exchange for kind of the financial discipline that you have to end up using with me so I think it's just important for young people to understand when they're thinking about credit cards that they make the right decisions and realize that when you buy something that's definitely not the end of the story and managing your credit really makes a lot of sense thank you Dan that was got your face you bet