The Villadom Times Weekly Newspaper Online-Aug 25, 2010 Issue

August 25, 2010 THE VILLADOM TIMES II • Page 11 �� (ARA) Going to college is, for most students, the first time they will feel really independent. Accordingly, the rest of the world also starts treating them like adults, from the expectations of college professors to the credit card offers that will start flooding in. Just as it’s important to study �� hard for a major, it’s essential to learn the real benefits and repercussions of having a credit card. �� This is a first opportunity to establish credit. If that �� opportunity is abused now, difficulties will follow for years to come. Bad credit can affect everything from an individual’s ability to get a cell phone, buy a car, rent an apartment, purchase a house, or get a job. (More and more employers �� are now checking the credit history of potential employees before making hiring decisions.) To get off to a good start with a credit card, here are a few important tips to learn. Life will test you on them later. Don’t take the first offer you get. Offers will come to your mailbox, appear at stores where you shop, and there might even be people from the credit card company on campus, offering cards to passersby. It’s smart to collect as much information as you can about different cards, and then make comparisons. Don’t apply for a lot of cards, as simply applying can in itself hurt a person’s credit, if it’s done too many times. Don’t treat it as income. A credit card is not free money, though it sometimes feels like it. Remember that a credit card comes with interest, so if you don’t use it responsibly, you’ll be paying for what you buy -- and then some. Credit cards can definitely be convenient, but remember that you should only spend money that you are guaranteed to have available. Remember that there is no such thing as a free lunch. Those enticing benefits of credit cards -- the airline miles, shopping rewards, and cash-back offers – are not always what they appear to be. It might sound like they’re just a great free benefit of having and using a card, but the true cost of those programs show up in things like annual fees and interest rates. Be a micro-manager. Having a credit card is a big Five tips college students need to be credit card smart know exactly where you stand. Pay attention to the news. Credit card industry changes have a direct effect on you and your card. Recently, Congress passed and President Obama signed into law the Credit CARD Act, which changed the rules of how credit card companies interact with their customers. Not only do they have to limit their marketing efforts on college campuses, but they must also give card holders more advance notice of changes in terms, among other things. Keeping up on the news will help in your financial life, but it’s also a great benefit for your academic life. When a credit card is used properly, it can be a convenient method of payment, and it can help you to establish a credit history. If you follow these steps, you’ll be starting your financial independence on the right foot. To learn more about credit monitoring and the power of credit, visit www.equifax.com. First Step Preschool, Inc. 454 Pulis Avenue • Franklin Lakes We are now enrolling for September 2010 responsibility. Keep track of payment due dates by marking a calendar, setting up an alert on a phone or computer, or enrolling in an automatic payment option. If you’re late in making a payment, you might not only have to pay a late fee, but your interest rate will likely skyrocket, making it more difficult to pay off your balance. Be sure to keep track of your credit score and overall credit health. You can get a free credit report once a year from Equifax, and it’s a good idea to review that report and �� Ages 2½ - 6 Years PM K-Enrichment Class 201-847-8198 Please visit our website: ﬁrststeppreschoolnj.com vt 8-11-10 Pat from Janine FirstStepPreschool2x3(18-11-10) REGISTER NOW FOR 2010-2011 SEMESTER 2 col x 3” �� vt