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Credit Cards and College Students

Credit cards can be a blessing or a curse. While they are essential for renting a car or booking a hotel room, they can get out of control and create an uncertain financial future before even graduating.

There is something to be said about avoiding credit cards. Balancing the need to build your credit and your need to survive the costs of college must be a deciding factor. Students have an obligation to themselves to have a somewhat strong credit profile after graduation. Starting a new career and a new stage in life may require a new car, new clothes and housing. Starting that new stage in life will be a lot easier if you are not mired in debt and have a good credit rating. Chances are you will owe student loans and adding credit debt can be overwhelming. The secrets to good financial health are the same as so many of life’s challenges, balance and moderation should be the goal. If you decide to get a credit card educate yourself on the fees, repayment terms and interest rates. Read the small print. Credit cards make a big chunk of their money on fees acquired when consumers pay late or go over limit. On that subject, you do not have to accept higher credit limits when they are offered. Keeping yourself in check can be difficult but if the limit is low it is easier to say no. Ideally, paying off the balance at the end of the month should be your goal but there are good deals out there that will allow you to carry a small balance without breaking the bank.

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