Getting Your First Credit Card (cont.)
Contributed by Rachel Johnson
What is the policy on late payments?
Set some guidelines for credit card use
It's easy to go on a spending spree with a credit card if you know that you don't have to pay for it right now. But then, when you get your credit card statement you are stressed at the thought of having to pay it all back! What are you going to do?
This is why you have to set some ground rules with yourself. You need to decide what your credit card will be used for. If you are trying to establish credit you need to use it fairly often, but you also have to pay it off just as often. So, maybe you should just use this first credit card to buy gas and for emergencies when you just don't have any cash on you. But where do you draw the line? You need to decide this before you charge even one thing to your credit card! Remember to keep yourself in line!
Have fun with your new credit card, but don't damage your credit rating! As long as you can truly afford what you are buying, you'll be ok!
Happy charging!
