Wow you are now officially an adult. You can take care of your expenses and pretty much do whatever you want with your money or in this case your credit card. There are some good credit cards for college students but the number one thing most of us don’t realize is the high percentage of credit card debt among college students.
So what you are going to pay back the money.
Think about it; living on borrowed money!! Credit cards are the worst kind of debt today. Credit card companies have been waiting for you, they have your name and address on file. And they will start sending you applications every chance they get. They are waiting for you to begin the dangerous habit of living on borrowed money. If you let them get their hands on you be ready to face many sleepless nights and many years of debt with high interest rates.
Here are some of the facts college students need to know about:
Be aware that using a credit card carelessly is similar to a drug addiction.
You only need one or two credit cards. Destroy all applications that come in the mail.
Carry one or two credit cards so you can manage your debt and never accept or sign up for cards that you don’t really need.
Avoid credit cards that charge annual fee.
Avoid the temptation to charge. I know you are tempted. But you should only use your credit cards when you absolutely must and remember; use your credit card when you can pay the full amount before interest is added.
“Buy now and pay later” is a dangerous game especially if you can’t pay the money back.
Control impulsing credit card buying. Don’t buy anything until you have waited 72 hours. It is amazing how often you decide you don’t need the item that you thought you really needed to have.
Understand that some credit cards have high interest.
if you have a credit card debt always pay more than the minimum.
When you pay off your credit card, don’t celebrate by using your credit card again.
Always keep in mind that having large number of credit cards with balances can impact your credit rating. The mistakes you made when using a credit card can inhibit your ability to buy a car or a house.
Pay your credit card payment early enough to avoid late charges.
When you accepted a card, sign it right away and keep all records of your credit card numbers and phone numbers to contact in case they are lost or stolen.
If you have already gotten into credit card trouble, get help; counseling.
Be careful not to get involved with high-pressure credit card counseling agencies who may cause you even more problems.
Always predict where you will be in two years or more if you keep using your credit card carelessly. Do you really want to be in debt?