College is a tough time financially.
College students are notorious for being broke.
People often use the phrase to 'live like a college student' when talking about being extremely frugal.
The reason why college students are always broke is because college is so expensive, and they usually either have no job or a very low paying part time job.
College probably costs more for them to go then the salary they will make right out of college.
What is really tough about being broke in college today is how easy it is for college kids to get credit.
A broke college student can do a lot of damage with a piece of plastic.
Even the most careful student can go overboard when given a credit card.
It's so easy to pay for everything with a card, and it's also easy to feel like you can afford everything because you have a card.
Overspending on a credit card can be detrimental to your credit.
Bad credit can cause a lot of setbacks for you in the future.
If you have bad credit, you will have trouble getting a mortgage if you ever want to buy a house, getting a car loan, or getting a loan for a small business start-up.
You need good credit in order to prosper in your life post-college.
The first way you can prevent bad credit is to avoid credit cards.
Credit cards should only be used as a quick way to pay, not as lent money.
You should always pay off your entire balance every month, or else you will be paying a lot of money in interest.
As a college student, you probably get a credit card to buy the things you can afford.
This is only going to cost you a lot more money in the long run, and if you aren't able to pay it, you will hurt your credit.
Another way to avoid bad credit is to always pay your bills on time.
If you don't think your cell phone bill is important, think again.
Not paying it on time or not paying it at all can hurt your credit because it tells creditors you won't pay them.
Also pay your school tuition, fees, and room and board on time or rent if you don't live on campus.
Pay utilities, other bills and loans, and of course credit cards on time every time to ensure you don't hurt your credit.
Having all of these bills can either help or hurt you.
Pay them on time and you can create credit if you don't have any and bring up possible to excellent.
Don't pay them, and you can ruin your chances of ever getting a home or other loan.
Your credit history is important, so don't overlook it.
College is an important time in your life.
Focus on doing well and don't let having fun ruin your grades or your credit.