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2008-09-22 05:07:33

Credit Deals: Financial Attitudes of College Students

A new survey conducted among college students discovered that 92% of youth folks admitted that damaged credit history could affect their financial lives and the ability to obtain loans in the future. Over 45% say that they keep track of their spending. Meantime, approximately 30% of young adults have no worries about debt and various penalty charges, especially when it comes to financing special occasions and celebrations. Read more about financial attitudes and behaviors of young adults when it comes to plastic money and its usage.

As a rule, the subject of student credit deals results in heated emotional discussions. Probably everyone knows somebody who has ruined his/her financial life with plastics. There are people who cannot control their spending or those who just don't want to educate themselves about plastics. But it doesn't necessarily mean that plastic money deals are not effective and you should use cash instead of plastics.

All in all, credit deals are not that bad and complicated as they're painted. Good credit is a must-have for those who plan to get best interest rates on loans, mortgages, or plastic money offers. When living on a cash-only basis, you can hardly find a lot of money at your disposal to buy a house. While being a good-score customer, you've got all the chances to find a good deal.

It's very essential to understand those obligations borrowers and lenders have. A lending company provides you a certain amount of credit so that you can purchase things. But you shouldn't forget that this money must be paid back, and what's more importantly, it must be paid back on time. When paying the money you've spent back within a grace period, you can avoid paying interest on the money borrowed.

On-time payments help to boost your credit score, while late payments can damage it. When using your card responsibly, you have all the chances to build a favorable score rating. The point is, revolving credit accounts most when it comes to your FICO score, so carrying a credit card is an easy and effective method of building your score rating.

The biggest mistake of young adults is that they borrow a lot and pay back little and don't bother their heads about how much it could cost them in the future. By all means, it seems so easy to make a monthly minimum payment only rather than to pay off the entire balance by the due date. But young adults underestimate how quickly they may be burdened with a large monthly payment - a result of balances and heavy interest charges.

One of the recommendations to such users is to pay more than minimum and buy only those items they can afford and pay back without accumulating big debts.

Good news is that many online applications for students come with great rewards programs so that young adults can reap more benefits from their cards. Students have good chances to take advantage of exclusive rewards scheme and generous discounts at top-branded merchants.

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