Watch Out for These Tricks!

Been thinking about a new credit card? Think all credit cards are alike? If you think that, good luck. You’re going to need it!

A lot of credit card companies will tell you that new regulations just put in place make it easy for you to get the right card—and make it harder for companies to push you to get a credit card when you shouldn’t get one.

For instance:

On Facebook a lot? Think what you put up and do there is under your control because you’re careful about what you share? Think again.

More than 350 thousand software applications¹ now have unlimited access to virtually everything you post there. Don’t like that? You can stop all 350,000 applications from using your information—if you opt out 350,000 times (you have to opt out for each one).²

Unless you set every privacy setting carefully—which can take hours—millions (that’s right, millions) of companies and people now have access to key information about you—forever.³

In college, or going there soon? Here’s a rundown on the “Campus Card” many schools now provide students.

Campus cards are a jazzed-up version of a student identification card. Initially, these cards were used for meal plans in the cantina. Over the past few years, however, campus cards were assigned other uses:

• The card virtually always gives you access to residence halls and other campus buildings.
• The card may give you discounts on recreational facilities, books and school materials, sporting events, or even shuttles and public transportation.
• In some states you may get a tax break while using your campus card.
• At some schools, you can even use your campus card as an ATM card.

Sure, credit cards can be a great way to have a financial safety buffer in your pocket, and they build credit pretty quick, too.

But everybody has heard of dangers that can come with credit cards if you’re not careful, as well as the horrific statistics:

• The average college senior has about 4 credit cards, but only 50% of those students have a job.
• The average balance on these cards is $2,864.
• The number of 18 to 24-year-olds declaring bankruptcy has increased 96% in 10 years.

Okay, this article is packed with ways to prioritize your spending and save money creatively.  But what if you’re reading those articles too late?  What if you’re already in deep trouble when it comes to money?

And let me define “deep trouble”— you’re so broke you’re thinking about singing for change on a busy street. Being 30 days late on some payments, a shutdown phone, bounced checks, or lights being turned off in your pad also describe “deep trouble.”

If any of this sounds familiar, you’re not alone. People our age mess up all the time, and many ruin their credit in the process.