CREDIT CARD DEBT
ABOUT CREDIT CARD DEBT
With a reported $13 billion in discretionary income, college students represent a huge market for credit card companies (Kara, Kaynak & Kucukemiroglu, 1994). There are many good reasons to have a credit card as a young adult, including emergencies, the ability to rent a car or buy items online, building a credit history, etc. There are also many reasons that are NOT good for obtaining credit, including making impulse purchases more convenient to make, buying items you can't afford, online gambling, etc.
The first step in using credit wisely is selecting the right card. Here are a few questions to ask when selecting a credit card:
- Is there an introductory rate? When, and by how much, will it increase?
- Is there an annual fee? How much is it?
- What other fees are attached to the card and how are they assessed? (ex: transaction fees)?
- What is the grace period?
- Is online banking available?
- What is the credit limit?
- Are there any offers or rebates associated with the card (ex: frequent flyer miles)?
Once you receive your card, there are a few more things to keep in mind. First, be sure to set limits for yourself when using your credit card. Your limits will be unique to you and your goals and priorities. You may want to decide only to use your card for emergencies, or you may just want to use it for necessary items such as textbooks each quarter. Whatever limits you decide on, be sure to hold yourself accountable and stay within them.
Second, always remember that your every move is being tracked by credit reporting agencies. In other words, your credit score, which may become very important a few years down the road when you go to buy a home or a car, will be lowered every time you pay a bill late, or rack up too much debt. Every credit card application you have ever filled out will also appear on your credit report. Make good decisions now so you can reap the benefits of a high credit score in the future.
OUTREACH PROGRAMS AND AWARENESS EVENTS
The Center for Health Education and Promotion staff (Peer Health Educators and Professional Health Educators) offer a variety of educational and interactive outreach programs that can be scheduled at your convenience. Although not listed, the outreach program linked to this health issue is
Also available is programming for body art, gambling awareness, and other topics. If there is something that you have an interest in but do not see it listed, please contact us and we will work together to determine what will best meet your needs.
CAMPUS SERVICES
RESOURCES
Our resource area contains brochures, articles, bulletin board packets, books, videos, and handouts on a wide variety of health related topics. If we don't have it, we will help you find it!
ONLINE RESOURCES
