|
|
|
|
|
|
|
|
|
|
|
And some practical advice too!
My first credit card?
I remember my college days when it seemed there was a credit card advertisement on practically every bulletin board on campus. The banks would travel to the college and set up application booths on registration day. Hundreds of students would apply for a credit card. As an enticement, we were offered freebies like T-shirts, water bottles, and key chains. So I took whatever they were handing out. You can't beat free. The next thing I knew, I had signed on the dotted line. It wasn't long before that little plastic card arrived in the mail. It was time to establish my credit history. I was off to the mall. Life was good!
Stuff happens?
I made my student credit card the solution to all my financial emergencies when I attended college. Needless to say there were plenty of them. There were tuition bills, school supplies, car repairs, and midnight pizzas to pay for. The old saying was true. "When they've got you, they've got you". That little piece of plastic bailed me out of more financial predicaments than I could count. I honestly don't know what I would have done without it. The student credit card "thing" was a pretty cool idea.
My day of reckoning?
The monthly statements arrived one after another. I had been in the habit of making the minimum payment and ignoring the bottom line. Not a good idea. All those credit card purchases left me with a pretty hefty balance. The finance charges were mind-boggling. It was time to take action. I started to allocate more of my monthly income toward my credit card bill and phased out frivolous purchases. My balance actually began to dwindle (Thank God). I developed a better understanding of what credit cards are intended to be. They're certainly not free money! Put simply, they're a convenient loan that has to be repaid.
A word to the wise?
When applying for a credit card, students need to consider the fees involved. Take a hard look at the finance charge, annual fee, and late payment fee. Shy away from cash advances if possible. Consider a low limit credit card. Do a comparison and search for competitive rates. Study your card agreement thoroughly. If you don't understand something, call customer service. Ask questions.
Set up a realistic budget and follow it closely. Avoid impulse shopping on your credit card. Try to use the card only in real emergencies. Try to pay your bill promptly and keep your finance charges to a minimum. This will help you to establish a good credit history.
You may also want to consider using a debit card. The money is deducted right out of your checking account. This way you can't spend more than you have.
Remember to approach credit cards sensibly. When used properly, they can be a real lifesaver!
Don Yacono is a Publisher and Webmaster at Credit Cards Made Easy .com
Visit his website at http://www.credit-cards-made-easy.com to view all the up to the minute credit card and financial news from around the world.
Visit now to apply online for the best low interest credit cards and payday loans.
No doubt, you've probably gotten literally hundreds of credit card... Read More
FREE credit checks or free credit reports. What are they... Read More
Credit scores are the most important aspect that determines your... Read More
"Like the tan? I got tons of sun on that... Read More
If you have ever fallen behind on your debts you... Read More
Most of us get a credit card on our name... Read More
Even if you think you have a wonderful credit report,... Read More
1. Buy clothes at thrift stores. BEFORE you buy them,... Read More
When you apply for credit one of the first things... Read More
There are seven consumer credit laws you should be aware... Read More
It is a well-publicized fact that more of us are... Read More
It is the scourge of our age: identity theft. Thieves... Read More
Credit counseling is a free service that many people with... Read More
Even if you have heard of a credit report, you... Read More
How Lenders Operate ? And How They'll Make a Tidy... Read More
Get your credit report online for FREE. Many financial advisors... Read More
In 2003, Congress passed the Fair and Accurate Credit Transactions... Read More
The credit industry if rife with pitfalls. If you have... Read More
You're probably thinking "Tell me something I don't know" but... Read More
What Is Your Credit Rating Now?If you have any charge... Read More
As a young student I feared getting bad grades because... Read More
Online credit reports are easily accessible to those interested in... Read More
On one hand consumers are being universally criticised for running... Read More
Most people who carry major credit cards are well aware... Read More
It's no surprise that thousands of Americans are victimized by... Read More
How can I prevent Identity theft from happening to me?... Read More
Maintaining your Credit ProfileEvery consumer should be maintaining their credit... Read More
Making Your Credit Rating Work For YouOne of the basics... Read More
A line of credit, roughly defined, is the amount of... Read More
Most of us get a credit card on our name... Read More
Credit needed for real estate mortgage financing differs from credit... Read More
Today, selecting the proper credit card can be a bit... Read More
By far the greatest invention the banks have ever come... Read More
There are three main credit bureaus in the United States;... Read More
Anywhere you go online nowadays, you will see a multitude... Read More
If you find that creditors are calling you almost daily... Read More
For years, major credit card companies have allowed cardholders to... Read More
Sue is a homeowner and pays her mortgage and other... Read More
If you begin foaming at the mouth once a month... Read More
Credit counseling is an option you might want to consider... Read More
Debt negotiation on credit cards is often referred to as... Read More
They arrive in your mail - a conspicuous looking mail... Read More
Did you apply for a personal loan only to be... Read More
Credit cards represent an important part of our financial lives.... Read More
Fact: Over 150 million Americans have credit report with the... Read More
As I am not from the US, I had no... Read More
If gold medals were awarded for marketing consistency, the credit... Read More
Almost all students have and use student credit cards. Some... Read More
With identity theft statistics currently at an all time high,... Read More
In the olden days, about 10 years ago, before the... Read More
Credit |