The quality of your credit rating has a huge effect on a lot of things in your life. It will be easier to get loans when you need them; and you will receive a lower interest rate on them as well. A good credit rating can even mean having an easier time being hired for a job.
It was not all that long ago that credit card companies were handing out cards left and right. You would see low interest credit card offers with very high credit limits. Credit cards for college students were easy to get - the card offers were sent out in bulk and it was so easy to apply and be approved. People took advantage of these offers and bought those things that they really could not afford otherwise - but could afford to pay off over time.
If your folks did not happen to be geniuses about money and particularly if you are still young, you might have problems taking care of your finances. If you spot that jacket that you just simply have to have, then you produce that card and forget all about that statement which will be coming in a matter of weeks.
If you are in school, you probably see a lot of these credit cards for college students being offered. Before you even look at any of these applications, it would probably be a good idea to ask your parents for some advice. They may have had some experiences with these credit cards for college students when they were still attending university back before you were born; of course now, these cards have a much higher interest rate and fees. If your parents got themselves into a debt which it took years to pay off, this is a time where you should not follow the example set by your parents.
It may surprise you to find out that these credit cards for college students are just as prevalent as they ever were; of course, the costs associated are far higher now. Remember that a single late or missed payment can result in your having a very high APR from there on in.
Many credit card companies don't even ask you for all that much information before they will hand that card over to you. It is your responsibility to read all of that fine print; you need to understand all of the terms and conditions which are spelled out there.
Be careful when you apply for credit cards for college students. Read the entire cardholder agreement before you sign - you need to be confident that you can pay off any debt which you incur. If you find yourself faced with a situation where you max out your card due to an emergency, you need to pay three times the monthly minimum payment at least to get the balance paid off quickly. Used judiciously, a credit card can be a wonderful thing.
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