College is certainly an exciting time in your life. It’s also the most important. You’re going to be experiencing many new things both in the classroom and out. Since you’ll be away from home for the first time, you’ll also be doing things for the very first time. Sometime you’ll be tempted to do things that you’re not sure if you should be doing. One of these things is signing up for a credit card. In the first few weeks of school especially there are numerous companies trying to get you to sign up. They may have tables and booths around campus with free gifts to lure you over. But don’t give into temptation.
I know since you’re now at college you think you’re grown up enough to handle a credit card. You may even assume they wouldn’t give you one if they didn’t think you were responsible enough to have it. Nothing could be further from the truth. Not only do they not care if you’re responsible, the truth is they don’t want you to be. Responsible people are the last thing a credit card company wants. Why? Because responsible people pay their cards in full every month. If you do that, you don’t pay any interest. If you don’t pay any interest, the credit card companies don’t make nearly as much money.
Studies show by the age of 21 the average person has already racked up nearly $4,000 in credit card debt. Every year over 300,000 people under the age of 23 file for bankruptcy. Believe me, the credit companies know these statistics too. That’s why they want you to sign up right now. They wouldn’t send representatives to schools all over America if it wasn’t very profitable for them.
Now I’m not saying you should never have a credit card. Although if you choose to go through life without one, then good for you. But I am saying don’t be in a hurry. Credit cards will still be around when you graduate and have a job which will enable you to pay it off every month. Wait it out, you’ll be very glad you did.