Credit Card Column

I'm better than many of my fellow college students, well at least in my honest and humble opinion. Before you grab a pen and write a letter to my advisor bashing me and ripping my column to shreds for sharing my thoughts, cool your jets and try to grasp what I have to say, it should open your eyes by the time I'm through. I don't think I'm superior than most of you in a sense of the way I live my life and I certainly don't look at anyone else and think I'm any better of a Samaritan or human being, I just simply feel I have a more rational sense of decision making then your typical college student when it comes to managing their money. A majority of young adults who are enrolled in colleges and universities across the country are stupid and foolish with how and what they spend their money on, there is no mistaking that fact. In a day and age where money is scarce, credit card companies are out to entice college students with their plastic recipes for debt by promising them money that they don't have and in all likely hood never will have in order to pay the companies back. Companies such as Visa, MasterCard and Discover foam at the mouth with the mere thought of college kids applying for one of their cards. And why wouldn't they? A majority of college students either live away from home or are on campus so frequently that they don't have the ability to work full-time or in many cases, at al. The problem with that though, lies in the fact that they don't have the means to reconcile the money they foolishly blow on unnecessary amenities because there is no stable source of income to pay their debt back With two parents who have faced their fair share of financial woes, I know better than most of my peers how to manage and handle money. I refuse to duplicate the ill-advised and irrational financial decisions they have made in the past that ultimately lead to some rough stretches. Two years ago I sat down at my computer and decided to apply for my very first credit card. Without hesitation, I received my Visa card in the mail just days later with a five hundred dollar credit limit. Unlike most people my age though, I had no intentions of going out and spending for no other reason than having the ability to do so. I wanted to build my credit, so that in the future when it came time to purchase a brand new car, my credit score would be impeccable. I have seen firsthand kids with no job get credit cards and max them out within their first few hours and having them. The scary part of that all is though; they spent the money on things like flat screen televisions, dinner for an entire group of friends, IPods, all things that they did not depend on to function. It's only natural to spend, spend and spend some more, human nature has always forced us into this trap and for most it is an urge that is hard to resist. Another aspect of credit card spending that college students feel to grasp is interest rates and finance charges. As we continue to swipe our cards, the interest rate on your account gets a little higher and far too many of us fall into the trap of receiving increased credit limits over a small course of time. All this does though is give you a longer rope to hang yourself from. Giving you more money you don't have to spend tacked on with the interest rate to come along with it is to ultimately send you into the depths of debt that you will likely spend decades trying to crawl your way out of. My suggestions would be to stick to your old school debit card. By doing this it is your own hard earned money you are spending. Credit cards are not for the weak and mild minded individual, they are serious economic tools that should only be used by an individual with a strong grasp for business and the current economic conditions. If you do want a credit card, be sure to spend wisely and budget your cash flow so that you will be able to pay back what you spend on your card in a timely fashion. Perhaps the biggest advice I can offer is to investigate and research the best card with the best interest rate for your income. Many credit card companies offer special benefit cards with reduced rates and graduated credit limits for college students. This may be the safest way to avoid debt and the struggles and stress that come with it... Until next time, happy spending!