Student Credit Cards - How To Use Them Wisely!
More and more college students are getting credit cards. Here are some ideas on how to use your student credit cards wisely.Related Item:
By Mark J. Nelson
We have been writing about student credit cards for college kids. We have been asking should college kids have a card, how do they manage a card, and then just writing general thoughts about student credit cards.
Many college kids come out of college with student loans of more than $20,000.00 and many are facing credit card debt of $7,000.00 or more. We are starting to see many kids coming out of college that are filing for bankruptcy. Not a great way to get started.
So what do you do if you are a student and you have credit card debt and student loans? How can you avoid getting bad credit?
Learn To Control Your Spending
Most cases of bad credit come from impulse buying or uncontrolled spending. You need to learn to step away from purchases. Get in the habit of asking yourself if you need that item or not. Maybe even take the step of walking away and thinking about it until the next day.
Make A Budget
This can not be stressed enough. You need to make a budget so you can control your spending. Write down all your expenses and income for a month. From that budget you will find out if you have any extra money to spend. College is a tough time. Most of the money you spend is going to be for living expenses. If you need more money, then you might have to find a job. That's hard to do while you are in college but it is easier to do that then try to dig yourself out of a mountain of debt.
Get In The Habit Of Paying Cash
Credit card companies want you to use your card on everything. They can become an easy habit to use. You should use your credit card for emergencies and major purchases only. Get out of the habit of pulling your card out for everyday items.
Be Responsible For Your Finances
So many college kids rely on their parents and friends for financial help. To become financially independent, you must stop relying on others. Make the the decision you are in charge of your finances. You can do it. You have to make a budget and learn how to control your spending. You may need to borrow money to go to college and that is okay. With college being so expensive many kids do come out with student loans. Just don't pile up credit card debt along with the student loans.
You can have a student credit card while you are in college and they can be a very good thing. A student credit card will help you build your credit and maybe even establish a connection with a bank. Just do not get in the habit of building up a balance. Use the your student credit card wisely.
Mark Nelson is the creator and owner of http://www.financialhat.com The goal of this site is to educate parents how to teach their children about money and also to teach people how to build their wealth for their own financial independence. If you would like more information on how to build your wealth please go to his website and download his free e-book.
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