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.

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One Response

  1. Reblogged this on Red Payments.

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