Sure we all think we know what a credit card is. But do we truly know the power it holds? Or the great consequence it can manifest? These are the true questions we should be asking one another. Right now about a third of college students are in at least $1000 in credit card debt. A $1000 in credit card debt fr some of the brightest beings walking this planet is just obscene. This raises many question marks. Like were we being taught about credit, and credit cards, and also loans as youth? Was the importance of budgeting, and utilizing these tools to build ever stressed to us? So are these college students really to blame?
No worries if your just like most college students who do not understand the importance of budgeting your credit card and improving your credit score, I will give you a couple of tips to lead you in the correct direction. First and foremost as a college student we usually don’t have ample time on our hands to work jobs, so one credit card will be fine. We do not have the finances nor time to look after 2 credit cards. Next thing is make sure you choose the best credit card tailored towards your situation. There might be certain fees, and interest rates that you just cannot handle at this point in your life.
Another way to benefit from your credit card is to pay your full balance every month. This will allow you to stay on top of payments and not fall behind. It will also do wonders for your credit score. In order to pay your bill in full every month, you must only charge to the card what you can afford. Once you exceed marks you set for yourself it is very wise to stop spening using your credit card. This could ultimately put you in the hole and prevent you from paying your bill in full. Lastly do your best to try to avoid unnecessary fees, such as late fees, and fees for breaching your limit.
Maintaining Financial Stability 