On behalf of Law Offices of Mark M. Kratter, LLC on May 30, 2012
Connecticut high school students may be bombarded with credit card offers before going to college, but avoiding credit card debt is a good way to get your financial future off to a good start. Making good financial decisions early is a way to help young adults avoid the trap of credit card debt and ensure they can begin their adult lives with a clean financial slate. With the job market shaky and the high likelihood of student loan debt for college graduates, it can be tempting to open a credit card to help when trying to settle in to a new life.
While it is perfectly acceptable to open a credit card, being able to maintain control of debt is important. Ensuring the credit balance is completely paid off is a good habit to have because it can help not only build a credit history, but a good one, which can help later if you need a loan for a house or a car.
Young adults may find it helpful to take the time to read credit card offers and think carefully before applying for one. A good practice, some say, is to wait to apply for a credit card until one is absolutely needed. The fine print of credit card offers can include higher interest rates and fees that can sometimes come as a surprise once the bill comes in the mail.
Making good financial decisions early can help Connecticut students avoid being bogged down by credit card debt. While credit cards can help young people build a credit history, they can also impact them negatively if balances are too high or payments are missed. Apartment leases, car loans or even job applications can suffer if someone has a poor credit score, so ensuring diligence with credit cards can help students carefully manage their finances and potentially help them build a strong financial future.
Source: KCTV 5, "Experts warn about college grads getting into credit card debt," Laura McCallister, May 17, 2012
