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Credit lessons from the soap operas: One Life to Live

Summary

Part I: You only have ‘One Life to Live,’ so don’t share money with an evil twin – you know, the one who’s always spending your money

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Whether you’d classify your credit habits as young and restless or bold and beautiful, remember that you only have one life to live, and how you use (or abuse) your credit will shape your financial future. Before time passes like sand through the hourglass, learn these credit lessons, courtesy of your favorite daytime drama cliches …

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The evil twin

One Life to Live: ABC/Lou Rocco

On “One Life to Live,” Viki and her daughter Jessica both know what it’s like when an evil twin, rather an evil alter ego, takes over.


The evil twin

You’ve always been financially responsible, paying off your card balance on time each month. Until one day … your evil twin starts wreaking havoc on your debt balance! OK, not your twin exactly, but the person whom you reluctantly added on as an authorized user on your account.

Lesson: Think twice before adding someone to your credit card as a user.

“Adding an authorized user to your account means that you take full responsibility for all account activity including payments and all charges the authorized user makes, whether you approved them or not,” says Denise Winston, money expert and owner of California-based Money Start Here, a financial education company.  And beware — your evil twin (or ex significant other) may even secretly sabotage your financial future, she adds.

If you’re a parent, the same risk applies if you add your child to your card, points out Clarky Davis, “The Debt Diva” for CareOne Credit Counseling, a debt relief service company. “You’re on the hook for that money. You are responsible for damage they do.” Sign teens up for a prepaid card instead so they can’t overdraw the account, she suggests.

 

See related:13 greatest credit card songs meld pop, plastic, Top 10 Hollywood credit card movies, Money and credit lessons learned from TV, 8 novels show how credit cards appear in fiction

What’s up next?

In Videos

Credit lessons from the soap operas: Days of Our Lives

Part III: Days of Our Lives: Leave the brainwashing to Stefano — no matter what the store says, their credit card may be no good for you

Published: June 22, 2010

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