Ahh college, there?s nothing better than freedom. Freedom from rules, freedom from parents, freedom from confinement. However, the joys that college has to offer also come with a few struggles that most students will have no choice but to face. The reality of the situation is that for many people, the day they leave the nest and go to college, they also become responsible for themselves financially. This means that several college students must pay their own bills, buy their own food and even put gas in their own cars.
When dealing with the financial struggles that average people deal with on a daily basis for the first time, it can seem a bit overwhelming. However, if you are one of the many people who just got into college, I promise it will get easier with time. One of the financial tools that makes life easier for many Americans these days is charge card accounts. You probably already know this but, charge card accounts are small pieces of plastic loaded with printed information and information on a magnetic strip. This information attaches the credit card accounts to loan accounts and Americans. When using credit card accounts, consumers must pay back every dollar spent plus interest and fees.
For the a great deal of Americans in college, applying for and using a new charge card account properly can literally mean the difference between future financial stability and future financial struggles. With that said, I have compiled a list of tips that should assist people with using charge cards properly. While reading these tips, it is important to remember that proper use of credit card accounts can lead to financial strength and stability. However, improper use of charge cards can lead to severe financial hardship and even bankruptcy. Now that I?ve got the attention of most Americans, here are the tips to using charge cards properly:
Tip #1: The first tip that I can give to any new comer to credit card accounts is to keep spending down. The most common reason for Americans having overwhelming debt in the United States is overspending. Also, debt to available credit ratios have an affect on consumer credit scores. With that said, it is best to keep these ratios down. As a matter of fact, when using charge cards, it is a best practice for consumers to try and keep their balance below 50% of their credit limit! By doing so, Americans will be able to build or maintain great credit ratings.
Tip #2: The next biggest tip I can give to consumers looking to use charge cards is to make early payments. One of the early signs of financial hardship that Americans will show is making payments for charge card accounts right on time or late. Because proper use of credit card accounts is all about people having the ability to display financial strength, this is something that Americans definitely should not do. As a matter of fact, people should try to make credit card payments at least 2 weeks in advance.
Tip #3: Finally, the last tip I will give today is to send in more than minimum payments for credit card accounts. Let?s face it, credit card minimum payments are just that, they are the minimum amount of money that banks are willing to accept as a payment on a loan, not the maximum amount of cash Americans can send. With that said, it is best for people to try and double minimum payments to avoid interest and display financial strength.
Although this is not a tip for using credit card accounts, it is a tip for getting them and the most important tip I can give at that. The last thing I want to tell you here is that people who do not feel financially or emotionally ready for credit card accounts should not apply for one. The only time consumers should apply for a credit card account is if they feel as though they display the financial stability and responsibility needed to keep a charge card account in good standings!
This article was written by Joshua Rodriguez and is brought to you by:
JEMCreditCards.com: Skymiles Credit Card Offers | Compare Student Credit Cards
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