Credit Cards Love
them or hate them
but please use them right!
Tips for Credit Card Use/Selection:
You
pick the card; don’t let the card pick you!! If you are you to get a
credit card make sure YOU pick one with a lower interest rate.
Study your card; know everything there is to
know about your card. Call the card's customer service and/or read the very
small print on the pamphlet that comes with credit card applications. Look
for things such as what the annual fees are, what the minimum monthly payment
is, if the interest rate is fixed or if will fluctuate, penalty charges for late
payments, credit limit amount.
Think FUTURE when using your card. Think about
the differences in good debt (School Club Fees) versus bad debt (Weekend Out At
The Bar) what will benefit you in the long run. Which one would look better on
your resume?
Know yourself!
A very important aspect to
consider when deciding to get a credit card is the extent to which you trust
your spending patterns. Buying on credit often feels like you are getting stuff
for free. This can cause a non-disciplined person to be very spend-happy with
their money. However, at the end of the month you may find your self scraping to
pay your bill. Think about your level of discipline, can you handle having
access “to buy now pay later”. For some people pay later may not work, and
eventually lead into some serious debt, if the cycle repeats itself.
To gain more information on
credit cards, selecting a credit card, or other credit card related problems -
call 581-7786 or stop by the Health Education Resource Center located in the
student services building at Eastern Illinois University and schedule a
Financial One-on-one peer education assessment today.
