Financial Literacy - Money Matter$

What Is Your Plan For Payment?


All Wrapped Up... in Credit Card Debt

With October almost over, hopefully we've all budgeted money for the upcoming costs of the holidays. However, as we all know, guarantees of "low interest rates" and "buy now, pay later" alternatives have filled the air, and all too often we're glad to accept them.  You'll make necessary purchases with a wallet full of cash remaining, and all will be well until the bill arrives.

Credit cards aren't inherently bad.  Suppose a college student wants to gain credit during the course of their studies.  If students limit the use of their charge card and pay their full bill every month, they will gain more than they lose.  However, it is losing our restraint that can be our downfall.  Often we don't want to use our cash and resort to using credit cards for purchases.  You may support your decision at first, but you delay paying until the next month.  This practice continues until you are no longer able to receive "low interest rates" or other promised promotions.   Soon you find yourself paying less but purchasing more and eventually you've reached a point where your credit card is no longer affordable.

This may not happen to all credit card users, but the possibility increases with holiday anticipation.  Before you wrap yourself in holiday debt, know your spending habits and keep yourself accountable for them.  Unlike holiday greeting cards, credit card accounts don't offer the possibility of free money when you open them.  Maintain the idea that you are spending your money each time your credit card is swiped and you will be less inclined to indulge.  Keep in mind that your stockings are more likely to be stuffed this holiday season if you make your money matter.

We hope you will find these tips helpful.  If you have any questions, contact us at

Money Matter$
"Utilize your resources. A lot of times students aren't aware of the multiple resources on their campus and many times they can help the most."  -Tracy H. My College Success Student Success Strategies
August 22, 2013

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