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

Non-Profits Need Protection Too! Safeguarding Your Good Works with Insurance

Non-Profits and Insurance: Myths Busted! Protecting Your Good Works

Beyond the Grave: Burial Insurance vs. Life Insurance Explained

Don’t Be Buried by Confusion: Understanding Burial and Life Insurance

Cracking the Code: Your Car’s VIN and What It Means to You

VIN Decoder Ring: Unveiling the Mysteries of Your Car’s Identification Number

The Aftermath: Proving Your Possessions After a Disaster

Homeowner’s Insurance Hero: How to Prepare for a Claim Before Disaster Strikes

Lost in Translation: Skills of the Past That Young People Might Miss Out On

From Fax Machines to Fancy Footwork: 6 Skills Younger Generations Might Not Have

Beyond the Box Truck: When Does Your Business Need Special Vehicle Insurance?

Business on the Move? Don’t Get Stuck Without the Right Vehicle Insurance

From Bronze Age to Boomers: How Life Expectancy Went From Meh to Magnificent

How Long Will You Live? A Look at Life Expectancy Throughout History (and Why You Might Need Life Insurance)

From Chauffeur to Cheerleader: The Teen Driver’s (and Parent’s!) Guide to Car-Buying Chaos

Teen Driver on the Horizon? This Guide Will Steer You Through Car-Buying Chaos

When Branches Become Brawls: Who Pays When a Tree Attacks Your House?

Neighborly Nightmare: Tree Trouble and Your Homeowner’s Insurance

From Pet Rocks to Pokémania: A Funtastic Journey Through 50 Years of Fads

A Look Back, and a Look Forward