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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