Credit Card Responsibility

Credit Card Responsibility

Growing up with the advancement of technology has created a whole new species of people known as the Millennials. Millennials are just. . . different. Millennials do things their own way, which baffles every other generation.

Research shows that most millennials do not have a credit card. According to money.cnn.com, less than one third of millennials have a credit card.

Being exposed to debt has had an impact on the generation. Having friends or family in debt has made millennials extremely debt-conscious. While a good portion of millennials have student loan debt, it ends there for them. The idea of more debt is intimidating, preventing them from using a credit card.

However, credit cards are important–nearly essential for your life. Why?

● Building your credit is necessary to get accepted into a nice apartment.

● Your credit determines whether you qualify for financing on a new car.

● Your credit even determines what you pay for a new phone sometimes.

● Credit cards provide a short-term loan. Just in case.

● If you need a large loan, your credit determines whether you can get one or not, and determines your interest rate as well.

● Being responsible with your credit card will help increase your credit score, which can give you cheaper insurance rates.

Because credit cards are the best way to build your credit, millennials who do not have one should consider applying for one. Being responsible with your credit card is key to success–build your credit while avoiding further debt. Here are a few tips to follow to be responsible with your credit card.

1. If you’re debt-conscious, this should be easy for you–do not spend more than you can pay back.

2. When you can, pay back more than your monthly minimum.

3. Keep a close eye on your finances–know where your money is going, and know how much money is coming in. Stick to a strict budget.

4. The lower the fee, the lower the interest, the better.

5. Timing is everything. Set an alarm on your phone every month to remind yourself to make your payment. Write yourself a note and stick it on your fridge. Write a note on the back of your hand. Whatever works.

6. Set up Auto Pay, if there’s an option. Do not be late on a payment, this can negatively impact your credit score. Even if you’re just late one time.

7. Choose your payment date close to your pay-day, so you’re guaranteed to have enough money to pay it right away. You’ll never forget when payday comes, so it’s likely you’ll remember your credit card payment on that day as well.

By: KayLynn P.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Home Sweet (and Secure) Home: The Dynamic Duo of Maintenance and Insurance

Beyond Bricks and Mortar: Unveiling the Secret Weapon of Homeownership (It’s Not What You Think!)

5 Hot Cities Millennials Are Flocking To (and Why They’re So Awesome)

Beyond the Usual: Top 5 Trending Cities Millennials Are Obsessed With (and Why You Should Be Too!)

From Ride-Sharing to Reality: 5 Billion-Dollar Ideas Born in the Last Decade

Billion-Dollar Babies: 5 Game-Changing Ideas Born in the Blink of an Eye

Unveiling the Different Players (and Why We’re Your Guide!)

Insurance Companies: Not All Created Equal! Find Your Perfect Match with Our Help

Beyond the Beep Beep: Unveiling the World of Supercars

Supercars: Where Luxury Meets Speed (and Million-Dollar Price Tags!)

Home Sweet Home, Protected Home: Why Upgrades Need Insurance Check-Ups

From She-Sheds to Sunrooms: How Home Improvements Impact Your Insurance Needs

Beyond Nicknames: The (Sometimes Bizarre) Tales of How American Cities Got Their Names

From Coin Flips to Greek Love: Unveiling the Hilarious Histories of City Names (and a Tip for Yours)

Small Biz Squad Unite! Why Independent Insurance Agents Are Your Secret Weapon

Ditch the Corporate Maze: Why Independent Insurance Agents Are Your Small Business Champions

Cracking the Code: Cash Value, Loan Value, Surrender Value – It’s All in the Life Insurance Policy!

Beyond the Death Benefit: Unlocking the Hidden Gems of Your Life Insurance Policy

Buckle Up for Safety: Are Cars Getting Smarter Than Crashes?

From Seatbelts to Superpowers: How Tech is Transforming Car Safety (and How You Can Benefit)