am i ready for a credit card?

Having a credit card is a big responsibility, and truth be told, it’s not wise for everyone to have one.  Some people are more disciplined than others and would be committed to paying off a credit card balance each month to prevent receiving penalties and fees.  Others people…not so much.

So, how do you know if YOU are ready for a credit card?  This is something you can figure out for yourself by answering a few questions.

  • Do I have a steady flow of money coming my way? The best way to secure a steady flow of money is via a job. If you maintain a part time job during the school year and take on full time hours during the summer, then your cash flow is steady.  Babysitting every now and then is not steady.
  • Do I spend wisely? Are you the type to plan out how your money will be spent (aka a budget) or are you more of a free spirit with your money?  If you’re a wild spender, a credit card will be a pain in the butt to you.
  • Are you responsible and organized? If your parents give you a curfew, are you home on time?  When you get a homework assignment, do you turn it in on time?  The more responsible and organized you are, the more likely you’re ready to handle a credit card.

If you can honestly answer YES to all three questions then you may be ready for a credit card.

Keep in mind that credit cards are a form of debt, meaning you are using borrowed funds to make a purchase when you use a credit card. As a result, you will have to repay the money you borrowed. So if you do not have steady money coming, are prone to over extend yourself with spending and are generally unorganized and irresponsible, then you probably are not ready for a credit card.

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