Credit Cards

If you're 18 and you know it clap your hands!... I really mean it! You can now smoke, vote, and be out as late as you want without police sending you home in heavily curfew-ed areas. But another good point is that you can now own a shiny new credit card!

I know some of you losers are probably like 'OMG a credit card!?', 'Not me uh uh!' Well your parents would probably agree. Whimps. But the credit card is your friend, especially for future opportunities, like jobs, buying a car, renting or buying your first home. There's many more things credit card affects in a beneficial way, just as long as you are good with it. But before getting one the rules should be addressed.

1. A good card for a college student. Oh please don't go for those American Express or those bootleg looking 'First National Bank USA' ones. Basically the ones you get in the mail, those are the ones that get you with ridiculous interest amounts. Best ones are found through well sought out research. Chase and Citibank offer college students cards with O% APR (For a certain amount of time—For you to get your feet wet a bit.) The best one is to look for the one with the longest amount 0% APR.
   
2. Pay it off quick. The point is to build, many people confuse paying off credit over a long period of time will surely build credit so why not buy something expensive and pay little by little? Wrong! Buying should be as if you are using a debit card, so buy what you think you have in the bank and pay it off and build your credit just as well.
   
3. Have a means of paying it off. No source of income now or not sure of the future? Then don't charge it. Your credit card won't close out. You won't lower your credit if there's no money to pay. So better safe than sorry.
   

Saying these steps is easy to say following is my problem! Although I am in great standing (As in I'm making my payments with large amounts if I have in my account.) As young adults credit card companies target us because we are more likely to not follow these guidelines.

*** OBAMA'S NEW CREDIT BILL HAS CHANGED THE AGE OF GETTING A CREDIT CARD TO THE AGE OF 21, UNLESS YOU COSIGN WITH A PARENT OR GUARDIAN.

Similar Post By Others


The Basics of Debit and Credit Cards Explained -- by Jim Wang
The Credit Crisis Presents a Rare Opportunity for Learning and Experience -- The Personal Financier
How to be a Horrible Credit Card Customer -- Broke Grad Student

Financial Independence – I Guess it Really Doesn’t Grow on Trees

No summer job definitely has got me bored, irritated, and let's not forget Penniless. Like honestly what's a kid gotta do to get a job during these hard economic times? Well I had too many things planned this summer to have a job is my excuse, in example I took a summer course and went on vacation so less than twenty days couldn't qualify me for a job so I just didn't bother looking.

But I still need money to have to spend on school supplies and such, if you have yet to notice my parents aren't a big source of income for me. I mean they pay for tuition and books and they do give me spending money somewhat, but that's me not asking. So it's not that they can't or won't I just believe it's good to have some type of independence. I mean your parents aren't going to be there every time you need some financial assistance.

At least for me it makes me feel better to know my parents will be there and strive very hard to help. But why cause trouble for them when you've done so much. I just think to save them the trouble and try to do it on my own, especially when it comes to purchases that it feels like you're blowing their bucks. I know secretly my parents are proud (maybe thankful) that I'm not asking them for money, for me that's a long time goal I'd like to achieve, to make my parents proud.

So unless its tuition, insurance, or family bills I believe parents should not have to worry about anything else unless you haven't had a job for a very long time, or ever. So do yourself a favor, when you're down on the rocks, don't go running to mommy! Try to learn from it and turn it to something positive.

As for me I'm distinguishing my wants and needs and trying not to run back into the pattern I had before.

Source of Income – Want vs Need

Now that I'm broke I wonder how I'm going to get all those things I've had my eyes on since the summer began. New phone, J.Crew shopping spree, bags, shoes and more!

Goes to show you exactly how I got in the position I am in now! I keep buying unnecessary things. I have a perfectly working Blackberry Curve, plenty of clothes (stylish in my sense) and enough shoes and bags to change it up daily for a week. So what is my problem? I've yet to differentiate my wants from my needs. I want a new phone but do I need a new phone and so on.

Breaking down the want into multiple questions should knock me into some sense. Perhaps I could find cheaper alternatives, future uses and so on.

I found this link about one blogger who was taught to differentiate the two since he was a wee lad. Three Most Influential Lessons My Parents Taught Me