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Q&A: Taking Credit?

Q:

I'm a college student and a professor mentioned that all should get a credit card to start building up credit. Do you think it is worth applying for a credit card while in college and using it for small miscellaneous expenses? 

Is this truly beneficial to apply now or can it wait?

A:

What’s the hurry? Life will be filled with opportunities to get addicted to debt later on. You will find that once you have a good job, banks and a slew of other creditors will be lining up to help you spend every penny you make, plus some.

The less you use credit, the better off you’ll be. If (and you notice the word I used, if) you decide to buy a house or new car in the future, then you’ll need some credit. In the meantime try becoming saver instead. If you have a job, start funding a Roth IRA or other investment account (I hope your professor also proffered this advice).

I’d rather see you building a future than taking a risk of destroying one. Once you have them, those cards can be very tempting. Avoid it while you can.

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