Smart Starts for Young Credit Card Users

While credit is a terrific money management tool, using it carelessly can affect your ability to get a job, lease an apartment, or buy a vehicle. Follow this advice from the National Foundation for Credit Counseling and the Credit Union National Association for using credit cards:

• Choose a low-rate, low-fee card. Make Hopewell Federal Credit Union the first stop. Credit union credit cards typically have lower rates and fees than other financial institutions.

• Don’t charge daily living expenses. Refrain from using a credit card for daily living expenses such as groceries and gas. Consider using a debit card or cash instead, and monitor your account balance online to keep spending on track.

• Don’t charge more than you can pay for when the bill arrives. Think twice about charging a vacation, a new wardrobe, or other items that won’t be worth the debt if you can’t pay for the items when the bill arrives. Instead, set up a special savings account for future purchases at Hopewell Federal.

• Don’t let anyone else use your card. If you allow a family member or best friend to borrow your card, it’s still your responsibility to make payments and pay off the debt.

• Protect your card. Identity theft often is committed by people the victim knows. Keep your credit card in a purse or wallet instead of lying around your apartment for all eyes to see.

Stop by or call today at 740.522.8311 to get more information.