If you're a college student with access to plastic, it's
important to keep an eye on your college student credit
card debt. No matter how smart, educated or responsible you
are, it's easy to let debt get out of control without even
realizing it's happening. If you want to play it safe,
follow these helpful credit card debt tips.
1. Watch Your Balance
One of the best ways to keep an eye on your college student
credit card debt is to look at your balance and compare
statements each month. If your balances keep going up, your
debt is going up. Look at why this is happening and try to
make spending adjustments accordingly.
2. Charge Only What You Can Afford
Yes, the previous tip says to watch your balances, but in
an ideal situation you would pay your balances in full each
month. This way you're not accumulating college student
credit card debt at all. Sure, it means charging only what
you can afford at the moment, but isn't that the right way
to manage your credit cards anyway?
3. Watch Those Line Items
Don't just glance at your credit card statement when it
comes in every month. Analyze it closely. Are you spending
too much? Those seemingly-small latte purchases can really
add up over the course of a month. If you make small
purchases regularly, add them all up when the statement
comes in and see if they are actually having a negative
impact on your college student credit card debt.
4. Don't Jump From Card to Card
While jumping from one card to another may seem like a good
idea when introductory interest rates end, it's really not.
Your credit is in its infancy at this point in your life
and a portion of your credit score is determined by the
longevity of your creditor relationships.
When you make purchases with a credit card, don't do so
with the intention of using it only for a few months.
Remember that long-term creditor relationships can be more
important than a lower interest rate at this stage in the
game.
5. Pay Your Bills on Time
Nothing will rack up debt faster than increasing interest
rates and unnecessary fees. That's exactly what will happen
if you pay your bills late. If paying your statements on
time means signing up for automatic monthly withdrawals
from your bank account, then by all means do so. On-time
payments are critical when it comes to managing your
college student credit card debt.
While debt may be a fact of life in today's day and age,
that doesn't mean you shouldn't learn to manage it wisely.
These five tips for managing your college student credit
card debt will help you get started on the right foot.
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For more tips on student credit cards, saving money and
avoiding getting taken, check out CreditCardTipsEtc.com, a
website that specializes in providing credit card tips,
advice and resources.
http://www.creditcardtipsetc.com/student_credit_cards/
