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Jul
31
Credit Card Trap and Student
Filed Under Berita Semasa, Crazy News, debt management, finance, news
College is often the first experience you have with credit. You’ve probably seen or heard about the incredible volume of credit card offers available to you. Do you wonder why banks and retail stores offer credit to you when you’re living on a fixed income, sometimes without a regular job? Banks and retailers are looking for new business, and you’re a prime candidate. Creditors know two important things about offering credit to college students:
You’ll probably be a customer for life. Your parents will often pay the balance if you fall behind.
While banks and retailers look to college students for new business, college is also the perfect time for you to begin establishing good financial health. You may want to follow the guidelines below to get started on the right foot.
Talk With Your Parents
Ask your parents to tell you about their experiences using credit. This may be difficult for them because their credit experiences, especially credit problems, are very personal. It may be helpful to tell them that their knowledge will help prepare you to be a good credit consumer.
Look Into Different Types of Credit Cards
There are bank credit cards and retail credit cards. Bank cards have the VISA, Mastercard, American Express, or Discover logos on them and are accepted by many vendors. Examples of retail credit cards are department store credit cards (such as JC Penney or Macy’s) and gas cards (such as Shell or Exxon). A good way to establish credit is to make a small purchase on a retail store card each month and pay off the balance when the bill comes. This shows creditors you aren’t spending beyond your means and can handle the repayment obligations. Using a bank card may get you into more debt than you can handle because you can use it almost anywhere. You might consider having a major credit card only for emergencies and don’t keep the card in your wallet or you may be tempted to use it for other purchases.
Hoho. I cannot show all to you. You can read the rest in this site >> Read more here
But, i can advice you to read this article too to help you understand about student and debt problem. Not many student know how to do that and solve their credit problem.
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