College Student Credit Cards – Managing Your Credit

in Credit Cards

These days, credit cards are just as common for college students as for any seasoned professional.  And credit card debt can be just as much a problem for a college student.  Since most college students are not experienced in managing credit cards, it’s easy to fall prey to college student credit card debt.

Fortunately, the credit limit on most college student credit cards is lower than for those who are already out of college.  This usually helps keep your credit card debt from rising to the same level it might for your parents’ credit cards.  Still, you don’t want to get out of college and be saddled with a lot of credit card debt in addition to student loans.

The way to avoid college student credit card debt is just the same as avoiding any type of credit card debt.  Here are a few tips to help you manage your credit cards:

  • Don’t treat credit card charges as any different than hard cash.  Understand that credit card purchases represent real money spent.  You will have to pay back the money – with interest – when the credit card bill arrives.
  • Create a monthly budget and stick to it religiously. In other words, don’t budge from your budget.
  • Avoid overspending.  Don’t buy things just because they happen to be on sale unless you really need them.  Sales come and go.
  • Avoid buying consumable items like food with a credit card unless you can pay the full amount back at the end of the month.
  • Avoid running up a credit card balance.  Try to pay the full balance owed on your credit card every month.
  • Avoid going for multiple credit cards.

Some college students charge everything under the sun to their credit card.  When they reach their credit limit on their first college student credit card, they get another card. And they never pay more than the minimum monthly payment on any of their credit cards.

Running up balances like this on multiple credit cards can be a recipe for disaster.  It’s easy to get in way over your head with college student credit card debt. This is how debt builds up until it becomes a burden. One credit card should be more than enough for any college student.

College student credit cards are meant to be treated as training for managing your credit once you’re out of college.  Don’t let your college student credit card debt become a burden that will weigh you down like a stone around your neck before you even start your career!

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