Selling my future to pay for my presents

As I write this, I have a mind-boggling amount of credit available to me. Here's the breakdown:

• American Express: $6000
• Citi VISA: $2300 (it used to be $2000, but I increased the credit limit)
• Chase MasterCard: $1000

That's a grand total of $9,300 of available credit. I bet I could get even higher credit limits if I tried, given my credit score (about 760) and my income. Throw in the fact that I'm currently a college student, and I could probably get about $20,000 in credit.

The question, though, is "Do I want to put myself in $20,000 of trouble? Am I that hooked on instant gratification?" I don't think so. I don't want to sell my future to pay for my present(s). My dream of having a nice house if worth more than an iPod Nano. My children's ability to live comfortably and without the stress of financial disorder is worth more than a new car. My ability to retire when I want, or quit a bad job, is worth more than looking "cool".

The impression I get when I'm sitting in class at college is that most of these kids are selling either their future or their parents' future to pay for their presents. I see the girl driving a new Jeep SUV that is worth two or three of my used Toyota Corolla, while she lives the life of Reilly. The rub is that her parents are paying for all of this, while she can't keep a steady part-time job. Another guy I see at school, who is stereotypical of his generation, has a brand-new iPod Nano, shiny basketball shorts that cost $40 a pair, new sneakers that cost $200 a pair, and a sports team jersey. How does he finance all of this? An extensive line of credit cards and student loans keeps him in the lap of pseudo-luxury.

I guess you either get it early on, or you don't get it until you hit rock bottom. I believe others, like Mary Hunt, who say that rock bottom is the worst place to be learning vital lessons on managing your finances. I believe them, and I learn from them.