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.
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
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