Don’t Fall Into A Credit Card Trap

By Author: jhon smith
Total Articles: 137
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One of the easiest things in life to do is to get into debt that you cannot afford to pay off on the money you are earning or receiving from a government payment or scholarship. If this happens to you as a college student it will be very hard to earn a good credit rating in time to purchase a car or a house. It will affect every money matter for you for a number of years to come especially if you end up with bad credit ratings. It may even prevent you from receiving for any more student loans to continue your studies.
Most lending institutions have credit cards for college students as it gives them a new customer base to work with. You will find that you will get offers from many lending institutions and banks while you are a college student. If you don’t already have a credit card look around for the best one, don’t accept the first one that comes along.
Many credit cards for college students have no annual fee and interest fee periods. You need to use these interest free periods to pay off as much of your purchases on the credit card that you can afford. If you have a credit card and you receive offers for ...
... more, throw them straight in the shredder or destroy them. You don’t want someone else using your name and running up bills in your name that you will be expected to pay back. Don’t just throw them in the bin as they will be stolen and applied for. This has happened to many people, not just college students; it can happen to anyone who doesn’t dispose of them properly. You often see it news programs and current affair programs about people who receive a bill for as much as a thousand dollars that they didn’t spend.
One other major thing to protect you from getting into debt is not to be tempted by these offers of credit cards. Have only one credit card with a limit that you can afford to pay. One of the worst things that can happen is to be tempted into getting another credit card. If you think it will make life easier it won’t. All it will do is more to worry about instead of concentrating on your studies.
Having bad credit ratings and bad credit history will take you years to recover from. The best thing you can do is not get yourself in this position. Use your credit cards for things you need, like books and supplies for your subjects, don’t use it for takeout and going to the movies. You can be sure Mum and Dad will tell you how to use your card sensibly and not waste your credit on things that you don’t need.
It is important to budget carefully if you are paying off a credit card and a student loan.
Find more information relating to Credit Cards For College Students, and College students here.