Modern Student Based Budgeting Systems

By: DonaldRenal

As anyone who watches the news today knows, these are unique economic times that we all live in. For a student in college today, the economic challenges that present themselves can be even more daunting and complex. For instance, one goal of any college student should be to prepare a positive credit rating so it will be there when that graduate.

Credit Cards for College Students

This of course, means that a college student must be able to design and live by a student based budgeting system that has some level of flexibility to accommodate a college students unique needs. Credit card companies now have college students directly in their field of vision. This means that just about any college student can now obtain a credit card.

Begin Building a Posetive Credit Rating

Credit cards are a double edged sword when it comes to a persons credit rating. This is because, they are a great way to build up a positive credit rating, while at while at the same time they can devistate a credit rating if not managed prudently. This means that any credit card that is integrated into a student based budgeting system should only be used as a tool to build up a positive credit rating.

Begin Early to Build a Posetive Credit Rating

It takes a few years for any positive actions to reflect on a persons credit report. With so many more people and agencies including employers and landlords now relying on a persons credit score in their decision making process, it is imperative that a good credit score be there when a student finally graduates. Waiting until one graduates to address their credit rating is a mistake that far too many college students make.

Low Introductory Interest Rates

Credit card contracts usually cover some three complete pages with fine print and are very complex. The reason for this is quite simple and that is that the issuers of the credit card don't want you to understand them. If you obtain a credit card that has a very small introductory interest rate, you must make all of your payments on time or early, or your rate will shoot up and that includes any payments you make such as your car payment.

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