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
Five Man-Made Structures in the USA You Should See in Person
It is Difficult Not to Be Impressed When Visiting These Structures
8 Tips to Market Your Small Business on the Cheap
Read eight ideas that can help you get the name of your business in front of more people.
Staying Healthier: A Home Gym in the Space of a Closet
Motivation May Be a Factor But Lack of Space Should Not
Why Now is a Good Time to Compare Car Insurance Rates
The planets just may be aligning for you to get the best insurance rates you’ve qualified for in years. Read why.
Preventing Yourself From Becoming Insurance Poor
Getting the Most Out of Your Insurance Coverage
Name the Movie: 12 Memorable Lines
They are the Movie Quotes That May Live Forever
Staying Productive Working From Home
Working From Home Provides Challenges and Offers Rewards
Life Insurance For All Phases of Life
Why Life Insurance Should be a Part of Your Financial Future
Six Assumptions About Auto Insurance That Could Be Costing You $$$
You Know What They Say About Assumptions, Right?
Features that are Attracting Home Buyers Today
Making These Upgrades May Help You Sell Your Home Faster and For More