Credit Card Debt Statistics And Few More Tips

Do you know that one out of three high school seniors uses credit cards?

A bit of information about the current statistics.

1. 82% of college students carry a monthly debt of under $1,000, and over 59 percent of those students were able to pay their balance off each month.

2. 10% of college students carry a balance of over $7,800 and the average student has a debt of $3,200.

Yet as parents know, credit card debt statistics of teenagers can be deceiving. It may seem nice that those students are able to pay off their debt each month, but only 40 percent of those students actually do so.

That leaves 60 percent of those students that have unpaid credit card debt accumulating interest.

What parents can do about this?
Parents do have a lot of responsibility in terms of financial advices that they can give to their children; specially those who are already holding a credit card.

The most important thing that parents can their child is credit is okay, as long as it is used responsibly. Explain to them that 40 percent of students paying off their cards each month are being responsible and building up great credit. Show them how good credit means that they will be able to pay less for cars, houses, and will even help them get a job one day.

Credit Card Usage is Addictive!

Usage of credit card is quite addictive. Imagine if your child gets hook up with it, they will end up in the hole of debt world.

No statistic will teach your child as much about credit card debt than real world experience. But you may immediately start with their allowance.

Teach them how to budget and save for things that they want. Start off by allowing your child to pick out one item, and then teach them how to save a little every week out of their allowance to buy the items.

Credit Card Company Offers
Many companies now do offer credit cards on teens on high school seniors. Credit card companies do a very good job of making credit seem like no big deal to most teens. They lure teens in with big promises, but forget to tell them about the fine print.

If ever you want to check your kids credit card history, check my post about free credit reports without using a credit card for useful information and advice about it. Make sure to visit more often here at Free Credit Card Reports blog for other important details that I will be posting soon.

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Credit Card Usage and Safety Tips

It is really nice to have credit cards. In case you have something that you really want to buy or sometimes when emergency cases occur, credit cards can really give us some relief.

Although, credit cards are often misused and financial planners end up in trouble paying the balance and the charges putting them in the deep well of debt.

That is why I posted the following tips, to help you out in your credit card usage.

Keep in mind that credit cards are only a short term solution, and should never be used to provide finance in the long term. Just keeping that tip alone can save you in financial debt in the future.

Here are the tips I want you to take note of.

1. Never use your credit card as a way of financing purchases that you are not certain you will be able to afford in the near future. If you have a job for example that is ending in 2 months, then ensure that your credit card balance will be zero for that time. This will eliminate the risk of you not being able to keep up repayments, should your contract not be renewed or you not being able to get a new job.

2. Always check your statements in detail, and try and do this as often as possible. The longer you wait, the less likely you will be to remember transactions, and the less time you will have to do something about it.

3. Calculate the total amount of expenses you are likely to incur over the course of a year, by applying formula within a providers proposal, to your likely repayment and borrowing requirements. Now work out what is the cheapest.

4. Protect your account details at all cost, and ensure that you are careful about the companies that you contract with. If in doubt, pay with cash or go elsewhere.

5. Only carry the credit cards with you that you intend to use. If you carry too many then you are just asking for trouble, because it will take you longer to notice when they go missing.

6. Hold onto any receipts and keep a note of all credit card transactions that you have been party to. If you are ever in doubt about a transaction contact your credit card provider immediately.

7. Remember that you can always churn. Always keep abreast with pricing in the market, and don't be scared to move provider to attain better prices, this can often be the best way to ensure that you save the most money.

Do you have anything to add or to say? Just leave it on the comments section. Also, feel free to read my post regarding Free Credit Report Without Using Credit Card.

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Free Credit Report Without A Credit Card

You are paranoid or let say just being more cautious about inputting your credit card number and other details upon checking your credit card reports? You want to request or view a free credit report without a credit card? Well, I think, there is only one online portal that can give you that or can handle that kind of request.

For the high endorsement and authority the government gives to www.AnnualCreditReport.com, there is no doubt that the said website is the one and only trusted (as of now) portal for your free credit report without using credit card.

You can view now your credit report from all 3 of this well known credit reporting companies - Equifax, TransUnion and Experian.

While checking your report, you are not required to enter your credit card information to view it, and no trial membership is involved (just like what other site is offering, then charge you after trial period expires). The site is designed to give you free and easy access to their credit report from all 3 agencies, only once per year, from a highly trusted and confidential central source. Just fill up your personal information to confirm your identity and they will lead you through the whole process of viewing all of your credit reports.

Advices and other tips for your free credit report without a credit card will be posted in here, so be sure to visit here more often.

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