Categories: Financial Planning

Tips For College Student Credit Card Debt Management

Do you have any idea how much debt you accumulated during your years in college? How many student credit cards do you have? Did you use any of them while you were in school? If you answered yes to any of the above questions, you are probably in deep trouble financially.

The first thing that you should do is to cut up your credit cards

You should give up any prepaid cards and close out the accounts. If you do this, you can save yourself from potential future financial problems. If you have balances on these cards, you should make sure that you pay off as much of the outstanding balance as possible. This is because many card companies will increase your interest rate if you are not able to pay off an outstanding balance.

Get rid of all your cash

All of your loose change should be given to a charity of your choice. Never spend cash that you do not have. It is far better to have no cash at all then a lot of it. Your financial future depends on making wise decisions with your money.

Do not apply for new lines of credit

If you do, make sure that you read all of the terms and conditions very carefully. Try to find one that has a low interest rate, but is still suited to your particular needs. You do not want to get yourself into a tight spot by using a credit card when you do not need to.

Make sure that you have a good relationship with your parents

This will help you get things such as car payments and house payment in order. Your parents will more than likely want to see you succeed. Make sure that you listen to them. Do not argue with them or bother them. Remember, you cannot control what they do.

Know your limits and do not let yourself become over-extended

This can lead to further trouble in your credit history. Use your credit wisely. Apply for only those accounts that you truly need and that you can pay on time. The best thing that you can do is learn how to deal wisely with credit. It is a way of life, so you should treat it like one.

Know your credit score

See if you can find out what your credit score is. Know where you stand before you start dealing with credit. Use the information you have learned about credit wisely.

A smart move would be to set up a budget. If you do not have one, go online and check one out. See what you can do that will help you stay out of debt. This may be one of the best tips for college student credit card debt. You can keep it safe while at the same time improving your financial status.

Check your phone bill

If you are using a phone card, see what your monthly fee or service charge is. See if it is cheaper just to talk on the phone or if you can actually save money by switching to another provider. Some people have saved hundreds of dollars just by changing providers.

Get a secured card

This is a great tip for college student credit card debt. If you can borrow enough money, you can get a secured card that has a low interest rate and fees. Over time, this can save you quite a bit of money.

Check out your credit report

Take a look at your current credit report to see where you stand. If you have a lot of late payments or other problems, they will probably come up in your report. Don’t be tempted to pay the minimum balance. The minimum balance is just a way for credit companies to make their money.

Use the internet

The web is a great tool for researching all kinds of different resources. You can check out websites for credit companies to learn more about their credit policies. You can also find valuable tips for college student credit card debt management on valuable websites. These tips are great to use as a way of getting help to manage your credit better while you are still in school.

Riley Allen

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