On My Own
Heading out into the real world is exciting, but it comes with a lot of responsibility. Here are a few things to prepare for.
The Good and Bad of Credit Cards
Credit cards can be incredibly useful. You can buy something on credit and pay it back later. They are extremely convenient when you don’t have enough cash on you, if you are paying for items online or if you want a hassle-free way to pay for travel expenses. They are also great for emergency situations and can be cancelled if stolen. Plus, building credt is important for making big purchases later in life. Just remember to spend only what you can pay off soon after, or you may find yourself heading down a path of debt.
Often, people who are not informed about acquiring bad credit can put themselves in danger. They often buy expensive items that they cannot afford, thinking they can pay it later with no consequences attached. What many young credit card users don’t know is that interest is charged on balances not paid. Even if the card holder pays the minimum balance, interest is still charged on the remaining balance every month until it is paid off. Often, a person cannot afford to pay the constant fines and, as a result, finds himself with bad credit. When you have bad credit, it is difficult to qualify for loans for important purchases, like a house, because the bank sees the client has bad habits with making payments.
If you are responsible enough for a credit card, consider Univest's Visa® Platinum Rewards Credit Card. You can earn points towards merchandise, gifts, and airline miles.