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Originally Posted by xepherys
Personally, I suggest not having one at all. Put together a "nest egg" large enough to take care of emergencies (usually $5k is MORE than enough) even though this can be tough if you don't make much money. Then just use a debit/check card. Paying interest is good for them and bad for you... always... without fail!
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You flaming radical! People like you will destroy America as we know it today!
Seriously, that's the policy I've always followed. My parents were dirt-poor during the Great Depression, and so nest eggs and staying out of debt were very important to them. That's why my mom is still in the black every month at age 82, and still puts away money in savings!
Somewhere between the '30s and '60s that financial wisdom got lost. People were persuaded that times had changed, you should buy whatever you want as soon as you wanted it because debt was easy and fun, and that the good times would last forever. But they aren't...