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College Students and Credit Cards

After someone turns 18, they are eligible to apply for a credit card. Many college students have credit cards. The question is whether it is good, bad or somewhere in between for college students to have their own credit cards.

Having a student credit card is not necessarily a bad thing. It can depend a great deal upon the individual student. How responsible are they? What are their particular spending habits. Students may also be influenced by the way they have seen their parents handle their own finances.

There are some benefits to having a credit card as a college student. It can help with unexpected expenses or those that you just do not have quite enough cash to cover. For example, a student may have their tuition all taken care of but not have enough left over for all their books. A credit card could help to fund the rest of their textbooks until they are able to earn and save some more money.

Many students attending college are far away from home. Having a credit card can help in the event of an emergency. If a students car breaks down and they cannot get to work, the credit card could be used to pay for repairs. It is important for a student to realize what is and isn’t a true emergency or urgent need. When a student does need to use their credit card for such an expense, they should work to pay off that balance as soon as possible.

Credit cards can help students to learn responsibility, Students can work to create a budget each month. They can also limit the amount of money they allow themselves to spend on their credit card. College students should work towards either paying off their balance in full each month or paying more than the minimum. Having a credit card also helps student to begin establishing credit. If they pay their bill on time each month, they can begin building a good credit history which will be useful in the years to come.

Students may also run into problems by using credit cards. As with many older adults, there will be some students who do not spend wisely. Some students will charge things that they should not. They will charge that college sweatshirt they want and their weekly pizzas. Some students will not keep up with their bills. They will fall behind on their payments and will not be building a solid credit history.

When students use their credit cards wisely, this can help them to learn to be responsible consumers. They can begin building a credit history. However, students must work hard to be responsible with their credit cards. Many will do so, but there will be others who do not.

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