Lesson 2.5: Don’t be swindled by the swindlers

Now that you’re officially earning (and maybe feeling like a bit of a big spender), credit offers will start coming at you from every angle. Why? Because lenders make money by lending you money – it’s literally their business model.

Tip 1: You don’t have to accept every single offer. This isn’t free beer – it comes with strings attached.

If an offer feels too big, ask the lender to lower it to an amount you’re actually comfortable with. That way, you can ease into the credit world without drowning in debt.

Side note: When interest rates go up, so do your monthly repayments. If you’ve maxed yourself out, you’ll feel the pinch fast. Plenty of older adults have fallen into this trap, taking on more credit than they can handle, then scrambling at the end of the month when rates rise. Learn from their mistakes.