Recently, we posted an article on our website with information on college student credit cards. This article features a list of things to look for when choosing a credit card, how to avoid the pitfalls of credit cards, and how to know if you are in trouble financially.
We are going to do more on college students and how they can build credit and use credit cards to establish themselves. This way – when the student graduates – they can obtain a car loan, home loan or small business loan. But there is also risk of debt – see the student debt statistics. Many have ruined their credit score and credit report by piling on debt.
Sometimes – teens can start to build credit in high school if their parents become the co-applicant on a credit card. A good idea is to start with a low limit and have the teen learn responsibility of the limits and paying off each month.
Most college student credit cards do not require income or co-signers. These aren’t the best credit cards as far as low APR, but if you pay your balance in full each month then you don’t end up paying any interest. Just make sure you pay within the grace period.
It’s always a good idea to try to pay off the balance each month to avoid mounting debt. This is a common problem and you can learn more about the credit card statistics. The stats/facts are alarming and you should be aware of the problems that some people get themselves into before you go spending money you don’t have. The dangers are many, but if you get the right card – the rewards can be great!