Kimbery Credit Counselings Blog
Tuesday, August 08, 2006
College Students and Credit Card Debt
Students did you know you are graded on more than the subjects that you are taking. During this time of your independence the use of credit cards will become part of your credit history. Later on in life other creditors will use this information to see whether you are eligible as far as handling your debt obligations in the future.
You can either graduate with a great credit score that may qualify you for a car loan or even a mortgage, or you may have to deal with the stress of a heavy debt load and a ruined credit reputation because you misused your credit privileges while in school.
When you decide to use your credit cards you should think before you say sign me up or charge it. You shuld know how much you can afford to spend before assuming and debt. So when offered that FREE tote bag or FREE t shirt be aware it can turn into a 7k T Shirt if you dont watch what you spend. You should make sure all your needs are covered before spending on things that you want and not need. Establishing a savings plan to cover incase of emergencies and long term goals would be a smart thing to do.
One thing to keep in mind is to not spend more tha you can pay off each month. If an emergency arises and you have to carry a balance on your card you should pay as much
as possible to avoid minimum payment syndrome which will now take years to pay off balances that you have that all started with that free tote bag. Lastly make sure you review your monthly statements to make sure you are being chraged the right fees.
If you are in debt. Our debt consolidation company can assist you with the debt you may have. Credit counseling can help you.
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