Should I Get A Student Credit Card ?

By: MIKE SELVON

A new and magical world opens up when a person hits his or her eighteenth birthday. Voting is just one of the many privileges extended to the new adult. There is also the ability to serve in the Armed Forces.

But nothing quite marks the end of childhood as leaving the comforts of high school and bravely entering the collegiate world. College is a world of new possibilities but also a time of great responsibility. It is easy to get in over your head when student credit cards are being offered every few steps at college fairs.

Credit card credit is a delicate balancing act that new adults must juggle. They want to begin building their credit rating but often find that those visa ones they took out to finance their books, meals and rent are now completely out of control.

Student credit card debt is no laughing matter. Before long the bills are too much for the student to pay each month and he or she must start looking at alternative means to finance their monthly expenses. This may mean a college loan or finding a part time job.

College is expensive and unforeseen expenses can occur. Student credit cards are very easily obtained but can often lead to bigger problems than they solve. The key is to use your new-found credit wisely.

Use it for true emergencies and always limit yourself on how much you will charge onto the cards. Think about each purchase carefully and always remember that you will have to pay it all back, plus interest.

Another tactic is to purchase an item and pay it off, thus building your credit rating. Always make sure and pay the bill on time and never pay just the minimum payment. This will help you stay ahead of your debt and make it more manageable in the long run.

You will not always be living in a dorm or renting a house. You want to be able to someday own your own home and this is a way to show financial restraint.

Credit counseling is a great way to fully understand what those student credit cards can do to your finances. Keep in mind that you will not always be in school and that credit card bills on top of student loan payments, can quickly eat up your budget. Build credit slowly and always be responsible for your purchases. Eventually your credit score will improve and you will be able to buy the things you have always wanted.

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