LIFE LESSONS

DONT PAY INTEREST ANY INTEREST.

Just before we moved back to the City, I went with Dylan to the bank to renew his Everyday Access card. It must have been the Manager's 'Day to mingle among the people' because he personally took charge and led us to one of the small partitioned alcoves lining the sides of the long room.

We all sat. Dylan had just turned seventeen.

"Here's what I'm going to do for you, young man," the Manager said, with the broadest of smiles. "I'm going to renew your Everyday Card but I'm also going to link a debit MasterCard to your account. That way you can buy things online by yourself and not have to use your mum's credit card. Does that sound cool?"

I didn't have a 'credit card'. I had a debit MasterCard the three of us used on and offline, transferring funds into it as needed. I'd had - in the distant past - at least three credit cards including American Express but I'd torn them up once I'd understood their 'debt into perpetuity' assumption. I keep receiving them unsolicited in the mail every few years since, like I've re-appeared in someone's radar as one not in possession? "Here's 5K, knock yourself out." "Here's another 6K, imagine what you could do with it!"

I have some not-so-fond memories of occasions when the monthly statements caused palpitations, much shaking of the head, and "Did I really need all this stuff?" questioning. In the moment, it had felt so convenient: Buy now, pay later. Worry about it later, just have the fun now!

Well the subsequent worry sometimes cancelled out the in-the-moment-fun, because the 'later' wasn't as bright financially as I'd envisioned. So I'd pay the 'minimum' due, $340 in interest for the month on a single card, say. Interest! Not a dint into the actual 'spent' amount. After several months of this, suspiciously adding up the monthly minimums on each card, I accepted the 'in perpetuity' aspect. They didn't want their money back. Ever! They were only interested in this 'monthly minimum' I kept handing over, for the privilege of enjoying the moments and paying for them later.

So I had rid myself of the privilege. And yes, I had discussed it with the boys, as I'd opened yet another invitation to the "Visa Experience". I'd specifically mentioned the year I had paid over 7k in 'monthly minimums', the cards maxed out, of no use the entire year; only constant reminders of my stupidity...

..."Sure," Dylan replied. We waited the few minutes while he typed on various screens.

"Then, when you turn eighteen, we'll swap it for a real credit card, how does that sound?" He sat back after emphasizing those two words, as though better to receive the many oohs and aahs and the "Really, I get a credit card?" wonderment...

I in the meantime held my breath. Would he remember? Had anything I'd said 'sunk in'?

"What if I don't want one?"

A chorus of Hallelujahs reverberated in my brain. God I loved this kid!

The Manager? Not so much. Kudos to him though for hiding his failure to receive.

"You don't want a credit card? You know, in case of emergencies or if you need to buy something you can't afford just yet..."

"Nope."

"You do realise without a credit history, it will be harder to apply for... say a car loan later or..." We could see him trying to think up other examples relating to someone Dylan's age. "... Or a holiday? Lots of kids are going overseas when they finish school..."

"I don't want a loan to buy a car or anything else."

Hallelujah! Hallelujah! Hallelujah!

"You might need one at some point. Isn't it better to be prepared?" The 'suit' in the too-tight suit was persistent, I'll give him that.