I'm fortunate enough to have great parents who taught me to be responsible with money and credit cards so the only debt I ever had was my student loan. During university I worked part-time while I was taking classes and full-time during the summer to pay for tuition and expenses. I had a small $8000 student loan when I graduated. I got married shortly after university and my wife and I agreed to just get rid of the debt. After a short period of paying the minimum payments, we decided to put as much as we could towards it. We cut back on everything, we didn't buy a TV, simple meals and very little eating out, etc. We paid it all off in a few months and have been debt free since.

I'm grateful that my parents taught me about credit card debt before I was able to get in trouble. In my experience, the best way to beat debt is to stay out of debt in the first place.

Hi Jamo, Good point there!

If we don't get into debt, we will never have to beat debt. Prevention is better than everything!

My parents who are now 90, tried to get a cell phone 9AND PLAN) about 10 years ago. They could not get one because they had NO CREDIT HISTORY.

THere Net Worth was approximately $800K at the time. They never used a credit card (maybe an oil company card in 60s). Never had a mortgage 9build own first house and then paid cash for future homes. They were farmers and owned land, but that was through loans from the government.

My Dad was so tight he could rub nickels together to make them squeek! They are now in Nurseing Home and worried that the goverment will have to take care of them!

The never owned stocks or bonds because they saw what happenEd in 1929! It had to be tangible to them or they would not spend the money!

This generation made America what it was. My generation (baby bloomers) threw it almost away!

If parents could get their kids on the right track more often, we would all be better off.

Be glad you had good role models -- a lot of people out there didn't.

My girlfriend has never had a credit card, until this year, and she's 29. And it's a corporate card so she can't go nuts with it. I'm very jealous of her for that. When I have kids, I will tell them over and over again: PAY ONLY FOR WHAT YOU CAN AFFORD.