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Friday, January 15, 2010

Students and the credit card

The focus and importance of financial planning on behalf of the students is a point to be discussed. Today, apart from attending their classes and working on their academic careers, students has to plan their financial expenses accordingly. Young guys nowadays wants to be liberal, so the trend has come up that they would attend their colleges and at the same time they work to earn for their own livelihood. So as these young guns come up to the stage of new arena, there will be always a lack of maturity.

Many student these days are after money frequently, its not their reason for a cause, instead the demanding surroundings enable these young ones to go for more and more money. They need money for books, fees, living expenses, activities, travel and other expenses. They need to maintain their personal finances systematically since money is always required to live a life in and outside the campus. I used to have this kind of problems in my college days. I could not possibly maintain the expenses properly and spend almost everything even before the end of a month.

There are many students who come to colleges and opt for credit cards. Some of them knew the good and bad uses of the cards where as some does not know anything about it. So i feel before obtaining a credit card, those students opting should get a good and healthy counseling from the industry. Its been learned that students are the main targets for credit card industry. Many students after using the card were not able to pay their payments. So several problem arises for these kind of students. Students today become very independent in leading their own lifestyles and are the masters of their own opinions. But at some point the lack of maturity comes and make these students to bear the mistakes.

So i would recommend certain characteristics to follow before taking up the credit cards. I would appreciate to obtain a card only after knowing a proper pros and cons of the credit cards.

Budgeting: A budget is a plan that gives an approx idea about the inflows and the outflows of your cash. It will help you maintaining the line of expenses to your income.

Credit cards: Information about credit cards regarding fees , interest rates, interest charge, grace periods, advance cashes, and other maintaining and controlling the strategies. Everyone should have basic information regarding the debt and moreover a proper guide to the debt consolidation. This will enhance you in choosing the most suitable credit card for you.

Value of money: Every student today should understand the value of money and the importance of it. This means everyone should learn to save it too. If you earn it then learn to save too. This will enhance in building your wisdom and maturity gradually.

Credit cards and the students have been a key words of discussion today. More and more students are obtaining credit cards and many of them are being unable to pay the due payments.
Many of these students also misused it and fall into a silly related problems and difficulties. So it will be wise you better ignored credit cards during your college periods and watch out for better student loans that will meet your academic career expenditure.

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