Credit cards = EVIL
Yes, well said, although it IS good to have one for emergencies. You never know when you might need it, especially when you're travelling.
I only have an AMEX card...I use it every month, mainly for buying stuff online, but I never go overboard with it, especially since you HAVE to pay it off entirely every month. It's not like other cards that have minimum payment options.
During college, I got into some debt twice...not even that much...I think the highest I ever owed was somewhere under $2,000, but still, that's a lot for a college student with a crappy part-time job. Luckily I got EVERYTHING settled and paid off after I graduated and went to Japan. I don't really have much money saved up, but I'm also completely debt-free, and that feels good.
Willco, your friend is clearly going to learn the hard way. But hey, I guess if worst comes to worst, he can always take all the crap he bought and sell it all off to make money to pay towards his debts.
