This was a guest post that was provided to us by Tom T. He runs and operates FindCollegeCards, a student credit cards site allowing students to compare credit cards designed for those with no credit.
Credit cards are all over the place, and if you’re in college, there’s a good chance that you’re going to have one in your wallet. Now, before you set out and use it for the first time, or maybe the 100th time, there are some things that you should know before you find yourself in a pile of massive debt. Hopefully, if you follow these tips and avoid these common mistakes, you will be able to avoid debt.
Treat it like cash – Always treat your card like cash. Picture it like cash. By doing so, you will have a different mindset.
Pay in full – Always make sure that you pay in full. By doing so, you’re going to be able to avoid interest rates, and more. This is going to save you tons of money each year.
Budget – By budgeting, you’re going to know what’s on your statement. If you can, log into your account here and there online to see how much your card actually has.
Get rewards – If you’re going to have a card, make sure that you get rewards. That way, you’re going to get rewarded for the spending that you have already done with your money.
Don’t let anyone borrow it – Never give it to friends or family. You don’t know what they are going to do with.
Only buy what you need – Don’t throw beer on the card, etc. You will want to use it for emergencies. Try to use your debit card to help manage your money better.
Mistakes like these are rather easy to avoid. What you will find is that if you avoid these mistakes, you will be able to avoid that D word that we call debt.