AVOIDING STUDENT CREDIT CARD DEBT
As a college student, your number one priority
should be getting the education you are paying for so that you can
be well prepared for a job upon graduation. During your college
years, you will likely be utilizing a credit card for many of your
day-to-day expenses as well as for education costs. It is important
that you use your credit card wisely to avoid falling into debt.
As a result of the current struggling of the
economy, the job market has become extremely tight and competitive.
The credentials that may have had you a top prospect for the job
of your dreams several years ago are not going to hack it nowadays.
It is very likely that any potential employer is going to be running
your credit and analyzing your complete credit report profile to see
how you handle all of your credit accounts including loans and
credit cards. Therefore, encompassing significant student credit
card debt can be a huge shortcoming in your search for a job. Below
is some helpful info that will help you avoid student credit card
Watch Your Spending
This tip may seem clear, but most college student knowingly use
their credit cards for purchases that they don't need. For example,
don't use your credit card for buying beer, clothes or video games.
Of course you want to have the best experience while at college but
if you are unable to pay for your lifestyle then you are looking for
danger. Bottom line, never treat a credit card like it is your own
personal credit line of free cash. Doing so will equate to you
having tremendous debt issues.
It is important that you respect your credit cards and only utilize
them when you must and also when it is financially sensible. For
example, a good time for using your credit card would be if you can
obtain a discount by purchasing your textbooks online.
Get the Right Credit Card
All credit cards are different. Preferably, you
want to find a credit card that is secured and is exclusively for
college students. It is important that no matter what credit card
read the fine print of the offer before committing. It
is very common for credit card companies to prey on college students
by granting 0% introductory interest rates for a few months and then
increasing those rates to ones that are sky-high. Offers with these
types of teaser rates are not good for students that do not have the
restricted capabilities of paying even the smallest of credit card
When looking for a
student credit card, consider
- Introductory interest rates (if offered).
- Long-term interest rates that take effect at the conclusion of the
- Determine what (if any) additional fees are associated with the
- Are there any perks offered? Points to be used for travel? Cash
Smart Account Management - PAY BILLS ON TIME!
The most important aspect of owning a student credit card is
managing it...and that means paying your bill in full every month, before the due date! Doing so
will mean that you are never going to have to worry about having to
pay any sort of late fees and/or an increase in interest rates. Not
paying bills on time or in full is the number one reason students
end up with unmanageable credit card debt.
It is OK to pay the minimum once in a while. But prepared to pay the
entire balance the next month. The minimum payment established by
credit card issuers is created so that you not only have a balance
for a significant period of time but you are paying significant
amounts of money in interest. That's how they make their money!
Good Debt vs. Bad Debt
Paying Off Credit Card Debt
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