Having your own credit card while you are still in school can make you feel so grown up and responsible for your finances. Student credit cards are structured to fit the financial lifestyle of students. However, not everybody is responsible in using these cards. Some students get tempted to purchase things that they know they cannot afford and before they know it, they have already maximized the limit on their cards. In the end, they have problems paying their bills on time and eventually find themselves swimming in debt. If you have rich parents willing to take care of the bill, then good for you. But for those who generate income from their part-time jobs, having debts can be a major nightmare.
Consider the mental stress that you are going to put yourself into. It will evidently affect your studies, as it is not easy to focus on your studies with debts at the back of your mind. You will end up losing sleep and be forced to take on more part-time jobs that will push your studies at the back end of your priorities. Student credit cards are supposed to give aid to the daily costs and emergency expenses that a student may encounter. It is important to distinguish the things that you really need from the ones you can very well live without.
Student credit cards can really give you a life lesson in managing your money. Beware of falling into the debt spiral wherein you cover a debt with another debt, as you will have difficulty getting out of this cycle unless someone bails you out. Missing out on your monthly payments will make you realize the things that you have been doing wrong and how you can avoid repeating your mistakes all over again.
Always remember that student credit cards report all your activities to credit bureaus. Not paying your debts on time will result to bad credit scores which will not help you later on when looking for a job or if you want to apply for a loan. Your credit score will be their gauge on how responsible you are with your money. But you can still recover from a bad credit score as long you start making regular and on-time payments. This way, you can greatly improve your ranking.
That is why it is important that you use your card responsibly so you can avoid getting debts that may destroy your life in the future.
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