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?
โ Building your credit is necessary to get accepted into a nice apartment.
โ Your credit determines whether you qualify for financing on a new car.
โ Your credit even determines what you pay for a new phone sometimes.
โ Credit cards provide a short-term loan. Just in case.
โ If you need a large loan, your credit determines whether you can get one or not, and determines your interest rate as well.
โ 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 youโre 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 thereโs an option. Do not be late on a payment, this can negatively impact your credit score. Even if youโre just late one time.
7. Choose your payment date close to your pay-day, so youโre guaranteed to have enough money to pay it right away. Youโll never forget when payday comes, so itโs likely youโll remember your credit card payment on that day as well.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
South America: Beyond the Basics
Surprising South America: Fun Facts, Hidden Gems, and Unexpected Trivia (You Won’t Believe #7!)
She Means Business: Powerful Women Who Built Billion Dollar empires
Conquering the Corporate Jungle: Inspiring Women-Led Businesses You Should Know (Free Business Insurance Quote!)
Your Life Insurance Policy: A Secret Savings Account?
Don’t Cash Out! Unlock the Hidden Benefits of Your Life Insurance Policy (Free Quote Included!)
Don’t Be a Drain! The Essential Fluids Your Car Needs to Flow
Car Care 101: Essential Fluids Explained (Don’t Get Stuck on the Side of the Road!)
How to Maximize Your Chances of Getting Your Security Deposit Back
Moving Out? Don’t Leave Your Money Behind! Get Your Security Deposit Back Every Time (and Maybe Even Renters Insurance!)
Garage Sale Gold! How to Turn Trash into Treasure (and Cash!)
Don’t Trash It, Sell It! Pro Tips for a Successful Garage Sale (and Extra Cash!)
Don’t Let Your Business Go Up in Smoke! Top 5 Causes of Commercial Fires (and How to Prevent Them)
Commercial Fire Safety: Protect Your Business from the Top Fire Threats (Free Quote Included!)
Taming the Paper Tiger: How to Keep Important Documents Safe
Don’t Let Your Important Documents Become Disaster Snacks! Safe Storage Tips Inside
A Fun Ride Through Auto Racing History (and How to Save on Insurance!)
Need for Speed: A History of Auto Racing in the US (Plus Save on Car Insurance!)
Dive into Safety: Essential Pool Tips for Fun (and Peace of Mind!)
Poolside Paradise or Potential Peril? Top Pool Safety Tips for Families