6 tales: Worst money advice ever

Name: Brittany McDonough Hometown: Boston Age: 22Profession: Recent college graduate Worst advice:"During college, I was told to open a credit card and use it to charge all my books and school fees on. The 19% or more interest on a credit card is far more than the subsidized government loan that ended up covering my school costs."What the experts say:Whether college students should have credit cards really boils down to whether they are able to keep on top of payments, says Kahler. "I don't think it's a good idea for college students to have a credit card if they're not going to pay off the balance each month."Morrison adds that college students are often offered a "teaser" rate of 0% interest or close to it, but eventually the real rate kicks in, which can get young people into trouble.Kahler says that using student loans can be a good alternative to pay for books. "If you are going to pay off the credit card monthly, that is far cheaper than paying interest (on a loan) for years," he says. "But if you are going to borrow, you typically get a lower interest rate on a student loan."Continued: Leave it and forget it? The repair estimate was $2,200 -- just about what the car was worth.But it was Rosetta Stone Software their only form of transportation, and both have chronic illnesses that make it tough to wait for a bus on a 110-degree Phoenix day. After some back-and-forth, Abby and Tim were given $3,400, which they put toward a late-model used car. (Find the best used-car deals on MSN Autos.)However, they neglected to ask for rental-car reimbursement. The accident plus weeks of negotiations had left them stressed and exhausted -- and forgetful. The claims adjuster didn't remind them they were entitled to repayment. His job was to save his company money.Remember: Insurance companies are businesses. They stay in business by taking in more than they pay out. It's in their best interest to get you to accept a bare minimum, so be prepared to push back.You might not be as lucky as I was back in the 1980s. The other guy's adjuster arranged for repairs and medical bills to be covered. He offered a cash settlement without being asked. My agent told me that's because the other driver did not contest my version of the accident.Not because I was telling the truth, but because he wasn't: The woman in the car with him was not his wife.Donna Freedman is "living 'poor' and loving it" as a freelance writer in Washington state. You can find more of her writing here, on our Smart Spending blog and at Surviving and Thriving (motto: "Life is short. But it's also wide."). Click here to find Freedman's most recent articles and blog posts.

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