FAITH ORCINO

PRIDE STAFF WRITER
In a college student’s life, convenience is important.  A credit card makes life a bit easier.  With one swipe, the bank electronically sends your money to pay for what you need or want.
Collegeboard (www.collegboard.com/) and the Federal Trade Commission give some tips to students about what to do before signing up for a credit card. The truth about a credit card is that you, the spender, are using money that they, the credit card companies, are just loaning you.  It is a common fact that some users forget.  The credit card has a preset limit on how much one can spend, but it brings severe consequences if payments are not met.  Depending on the card, there is a minimum amount allowed as the monthly payment.  The problem is that if you only pay the minimum, you need to send rest of the payment in next month’s bill plus what you owe from that bill.  In the case that a user misses a payment, the bank or credit card company adds a harsh fine to the bill.  Sometimes the fine print of the contract hides unwanted fees.  In the end, it becomes a snowball of debt.  Gloria Diaz, a third year Anthropology and Women’s Studies double major, gave her thought on the usage of credit cards.  “We are just getting into more debt and not really finding accurate ways to enhance our economy as well as prevention [sic] debt.”
Sometimes it is not your fault if you have a huge credit card bill.  An identity thief might have stolen your account.  Identity theft, concerning credit cards, ranges using the credit card someone accidentally left on the floor to stealing account numbers.  Some can even used old expired cards to make payments.  If you suspect any strange charges on your card are by an identity thief, report it to the card company.  To read more about credit cards, procedures, and problems, visit the Federal Trade Commission’s website (http://www.ftc.gov/).  Without proper care, convenient things become a hassle.
Mainly, save the credit card as a last resort.  Only use it if you know you have the money to pay off the balance.  Do read and understand all the fine print.  Some cards have hidden charges and changing rates.  If you still want to pay with plastic, debit card is another option.  The debit card deducts money from your bank checking account automatically.  Keep records of accounts and transactions.