| We live in an increasing more material world. We have | | | | college is necessary for those who will eventually buy |
| grown to expect instant gratification in every way. We | | | | a home. |
| no longer need to go to the bank and stand in line to | | | | Building credit can be accomplished if the right steps |
| get to our money. We wave tiny keychain devices in | | | | are taken. Signing up for a secured credit card is a |
| front of a receiver to pay for items at the store. | | | | relatively safe way to teach college students the |
| Computers start up in no time and internet information | | | | responsibilities of owning a credit card. Secured credit |
| is available on just about any subject that we can | | | | cards require a deposit and the deposit dictates the |
| dream up in a snap. We don't even have to walk to | | | | amount of credit available. If you deposit $500, then |
| the mail box to pay a bill anymore. Remote controls, | | | | you can spend up to $500. This is a great way to |
| cell phones and MP3 players ensure that we can get | | | | establish credit, or repair credit that has been damaged |
| where we need to go, talk to whomever we choose | | | | in the past. When you make your payments on time |
| and listen to whatever we want in an instant. Our lives | | | | and when you are overall responsible for your |
| as Americans are full of conveniences and luxuries | | | | finances, you will build your credit and you'll usually be |
| that our ancestors and people in other countries never | | | | rewarded for your efforts. Banks and credit card |
| dreamed of. So how does all of this convenience | | | | companies keep track of your history and may offer |
| affect college students? | | | | you a line of unsecured credit or simply increase the |
| Current college students have spent their entire lives in | | | | amount that you are able to spend on that credit card. |
| this world of instant gratification and automated | | | | You will establish a credit score and be eligible for |
| convenience. They have access to student credit | | | | future loans and unsecured credit cards. Secured |
| cards to get them out of a bind, but credit cards can | | | | credit cards are a great way to teach college |
| also get them into one. This is actually one | | | | students about the discipline of paying off something |
| convenience that can really help college students get | | | | long-term. |
| by and help them prepare themselves for the future. | | | | If they learn to avoid the instant gratification trap that |
| Building your credit early is important in this day and | | | | they've been raised to expect and really only use the |
| age. Soon they'll be out in the real world, needing to | | | | credit card for emergencies, then they will be better |
| open cell phone contracts in their name, buy vehicles | | | | off in the future. Having a credit score and history that |
| and ultimately buy a house. Keep in mind that most | | | | says good things about them will help them take pride |
| long-term big loan contracts, such as a home | | | | in what they have learned and accomplished during |
| mortgage, can require up to an eight year good credit | | | | their college years and will lay the groundwork for a |
| history to qualify. As long as they act responsibly, | | | | successful financial life. |
| starting on a credit building financial journey while in | | | | |