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If you are looking to build your credit with a student credit card, be very aware of the pros and cons of owning one of these plastics. All this information is sent to you in the mail so be careful not to throw those monthly envelopes out, it may look like junk mail but you should go through anything about your bank credit card just to be sure. 3 Check interest rates, charges and fees.
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For example, if you are buying or leasing a car, mention it in the application. If you are tempted to apply through a solicited invitation, go to the website and request that additional information is mailed to you. It is a marketing tool for increasing their client base and both the consumers and the banks can benefit from it. If you are still reading then you are probably starting to think that credit card debt consolidation may be the answer for you.
Credit cards are the first and easiest credit a person can obtain as soon as they are old enough to commit to a contractual agreement (usually at 18). Credit card debt is also the fastest and easiest way one can find himself drowning in a sea of fees and finance charges that will haunt him for years to come.
New Credit Card Holders
The first credit card definitely has a sort of an allure about it. It's attractive and shiny, has his name embossed across the front, and lots of numbers that some even try to memorize, as if it's a status symbol. Credit card holders start out small, perhaps buying an album or two or a new pair of shoes. They even pay off their credit card debt in full at the end of the month just as they have been told (or advised) to do by their parents and other family members.
Increase in Credit Limit
As a bonus for paying bills on time, the company issuing the credit card will notify the holder that they have increased the limit on the card. Now, instead of a 0 limit (which they never used in full, and therefore found it relatively easy to pay off in a month's time), they are given a new limit of a 00.
How Credit Card Debt becomes a Problem
Again, after six months of continuous payments and spending, the financial institution doubles the credit limit. Wow! Now the unsuspecting young consumer feels like there is nothing he can not do. Soon it is spring break and he offers to charge the tickets. He says he'll collect cash from everyone who owes it to him, and be able to pay it off in a month. Sooner or later, someone doesn't have the money for the ticket, and instead of paying the whole balance, he pays the minimum.
Credit Card Debt is all Consuming
He realizes for the first time that there is a 15-day grace period to get the money in without penalty or interest, so he is counting those days. Finally, he has waited 10 days and gets the last payment and sends a check. But the 15th day is a Friday and the payment doesn't get recorded until Monday. Not as late as it could have been, but he is starting a pattern that will only get worse.
The Answer
The answer to 95 percent of credit card debt is to not use a credit card unless there is an emergency. As an alternative, use a debit card and avoid payment over time.