Why College Students Should Be Motivated To Be Smart About Credit

Sunday, December 18th, 2011

When you are in college, you are busy learning things both academically and socially that you can carry into your post-colligate adulthood. While there is no wrong way to go about figuring out how to be your own person, as far as credit cards are concerned there is definitely a better way to go about things. Do yourself a favor by not spending your college years racking up unnecessary credit card debt: Here’s why:

  • To get your own vehicle.

When you have credit cards in your name, you are building a credit history which will influence many other banking products that you may apply for in the future – including auto loans. If you use your cards responsibly by paying your bills on time, keeping your balances low and not ever defaulting on what you owe then you will establish a good credit history which will serve you well when the time comes. You will be availed of the best rates available for things like car loans which will save you lots of money in the long term.

  • To increase your odds of getting hired.

The job market is tough these days and it may very well get even tougher. Why don’t you give yourself the most competitive edge you are able? The fact of the matter is that many employers inspect their prospective hire’s credit report and it is perfectly legal for them to do so. They use the report as a guide to help them determine if a job candidate is likely to be a good, reliable employee who can be depended upon to behave responsibly in the workplace – as evidenced by whether or not they manage their personal finances well. Don’t risk losing out on a job after graduation by misusing your credit cards while still in school.

  • To not bog down your future by having to pay off things you bought in college.

Chances are you will graduate owing money for the cost of your education. If that is the case, then why would you want to increase your debt by graduating with a big balance on your credit card account as well? Every credit card statement indicates how long it will take to pay down the balance to zero if only the minimum payment is sent in each billing cycle. You should make a point of graduating free of credit card debt to lessen the financial stress you may feel following graduation. Credit card debt can add up fast, especially when interest is accruing. Stay on top of what you owe.

  • Less debt amounts to having more money.

Outstanding credit card balances accrue interest if they are not paid off in their entirety each and every month. Fees such as late fees can make the total amount of what you owe even more. If you only use your credit card for things you can actually afford, then you can pay down your balance every billing cycles and avoid extra fees and interest charges. This means that you will have more money for fun stuff, instead of owing your hard-earned-dough to the credit card company.

If you learn good credit habits early, it will be easier to sustain them throughout the rest of your life. A credit card should be a useful financial tool, not a big debt burden.

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