The Truth about College Students and Credit Cards
“You’ve been pre-approved!” It seems as though you are not officially an adult until you get your first credit card offer in the mail. After the first credit card arrives another, then another, and another. Most college students before they even realize it are in great debt.
Credit cards can be a gift if you have a full time job with full time pay. The average full time student does not always have the time to work a full time job. Some students do not realize that until it is too late. Many students just think about how money seems so easily accessible when they have credit cards.
“It’s convenient for me to have a credit card because I don’t have to carry cash on me all the time”, says Justin Jefferson, a Wilberforce University senior. “Having a credit card won’t hurt me as long as I keep a job and pay the minimum payment.”
Justin Jefferson is not alone with his credit card theory. College students all over share his feelings. “I need money when I’m away at school, and credit cards give me some lead way”, says Kristen Kross a Wright State University junior. Credit card originators and marketers are brilliant. Students are so consumed by the concept of,”buy now pay later’.
It is good to know that some students in spite of all the glamour that credit cards portray can still think sensibly.” Students shouldn’t get them because they will miss use them”, says John Wiggins a Wilberforce University freshman. The concept of money now pay for it later can be misleading. The actual reality that most students fail to realize is that “later”, comes sooner than they originally thought. There are a few things that students need to keep in mind.
The more time you let elapse before you make a bill payment the more interest you are charged. A prime example would be if you have a credit card with a $500 limit and your minimum payment is $20. If you were to charge one item on you card for $150 and pay the minimum payment it would take you nearly 7 months to pay off that one item. Promptly paying your credit card bills is the best course of action.
Students should ask themselves two important questions before charging an item on their credit card. Is this something I need or want? Will I realistically have the money to pay for what I charged before the credit card bill statement is mailed?
Bad credit is a reality that many Americans have to live with every day. It is hard to obtain the basic means of living with bad credit. Cars and houses are very hard to acquire when you have established bad credit. College students need to keep this in mind before using their credit cards.