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.

As part of my job, I’ve spent the last four years talking to young people about money. I keep hearing these 10 money myths. How many have you fallen for?

1. I don’t have to worry about credit at my age. Not true. By your early teens, you need to start paying attention to how you manage your money and use credit.



 

Comments

I'm betting you know what credit is: an arrangement for you to pay for something at a later date. "Okay, gimme the car today, and I'll pay you later."

But do you know what your credit score is? Okay, have you even heard of a credit score? More importantly, do you know how important that credit score is to the rest of your life?

A credit score tells businesses if you pay like you said you will pay.

Credit scores are used by about every business to determine if you are trustworthy. And that score follows you everywhere.

That's why credit is so powerful. In fact, it's one of the most powerful things you'll ever possess.