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redit. You probably are a
part of the "credit cul-
ture." Are you paying off
a car loan? Charging your
clothes? Buying college
now-and agreeing to pay
for it later? Everybody's
doing it: at last count,
more than 600 million credit cards
were riding in American wallets.
These days a history of wise credit
use is your consumer "ID card."
Credit gives you flexibility. It can let
you borrow a bit of money from your
future to buy something you really
need today. Why sleep on the floor in
your first apartment when you can
buy a bed "on time" (making monthly
payments for an established period of
time until the item is paid off)? Be-
cause personal income tends to rise
quickly during the "roaring 20s,"
creditors are eager to attract the busi-
ness of young consumers. Think of all
the things you may need or want in the
next 10 years: cars, furniture, work-
ing-world wardrobes, dinners on the
town. You can buy it all on credit. The
question is: Will you be able to pay the
bills?
Upbeats and Downbeats:
The Music of Credit Cards
Everyone's singing the same tune:
let's get it now! Is there a flip side? It's
easy to get credit-but it's easy to get
in trouble with it too.
Keep these pointers in mind:
ONE: Credit isn't more money. It's
a convenience that allows you to use
future income to pay for current pur-
chases. How much you borrow should
always depend on what you earn.
TWO: Credit isn't free. You pay for
the privilege of borrowing money. Fi-
nance charges can add up to a sizable
amount fast.
It's easy to let your expectations run
away with you. Here are some reason-
able rules to follow:
* Be cautious at first, especially if
you've just started a new job, or have
a fluctuating income.
* Shop around for interest rates.
Credit cards differ and so do loan
SPRING 88/plus 9

ILLUSTRATIONS BY ARLEN SCHUMER AND SHERRI WOLFGANG