Credit Card Advice for College Students

Today's college student is bombarded by well-meaning individuals giving out nuggets of unsolicited advice. Today's college student is also bombarded by offers of credit. Credit card offers come pouring in through the U.S. Mail. There are credit card solicitors on most college campuses, offering students a free pizza or cappuccino - all they have to do is apply for a shiny new credit card. You can go online and apply for a credit card in a few minutes, and be approved instantly. Emails are full of offers of credit. Credit cards are everywhere - they are an epidemic in this country.

The best advice I could give to any college student, is DON'T get a credit card. Credit cards are a lot like alcohol or drugs. "Oh, I will just have ONE, and I will be responsible, and stop at one, and not let it control me." As with alcohol, credit cards can slowly seep in and take control of your life. You'll start with one credit card with a $500 limit and a nice little bonus points program that you plan to pay off each month before interest accrues. You'll stick to your plan for a month or two, until a great concert comes along, and you decide to buy tickets instead of paying off the balance on your card. Then you fall behind, and can't pay the balance off. You may be barely able to pay the minimum payment. Before long, you're hit with late and overlimit fees, and that manageable $500 balance has become $1500, and you are getting calls from collection agencies.

Or, you get that $500 credit card, and you are responsible with it. You get cocky with your abilities to handle credit, and you get another card or two. Everyone else has shiny aluminum wheels on their Mustangs, why shouldn't you do the same for your Corolla, right? Before you know it, your credit card use is out of control.

Do the wise thing, and stop before you even get started. Pay cash, spend responsibly, save money for big-ticket items, and invest for your future. For more information on how to stay free from debt, or find freedom if you are already in debt, check out Suze Orman or Dave Ramsey on the web. And remember what Dave says - "Debt is Dumb, Cash is King! The best way to find financial peace, is to walk daily with the Prince of Peace, the Lord Jesus Christ!"