Turning 18 means a lot of different things. Some people think of freedom. You are now legally an adult and can event vote if you wanted to. One thing that you can do when you turn 18 is apply for a credit card. This freedom doesn't come without the need for much consideration. Due to the fact that there are so many credit issues going on in the United States right now, you may be intimidated to make the plunge. The fact is, it is important to establish good credit as soon as possible so that when you are out on your own, you can have the rapport to lease an apartment and take out loans, for example.
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The first thing you need to be careful of is what kind of credit card you apply for. Many people get trigger happy and apply for as many credit cards as they can in order to take advantage of appealing deals. These deals may include things like 50 percent off of your first purchase by applying for a card. Only apply if you know that you are going to use the card for beneficial purposes. For example, if there is a store you frequently visit, then apply for a card there and use it when you make purchases. This way, you can establish good credit by using the card for purchases you can quickly pay off.
One think you need to keep in mind is the interest rate. Some will have fixed interest rates and others will have variables. Make sure that you are fully informed about what type of rate it has. This way, you will not be surprised in the event that it suddenly increases. For example, some credit cards start out with a low interest rate for the first year but then they increase after that.
Many also come with fine print at the bottom. Always make sure you thoroughly understand all the provisions before getting into something that you later find out you cannot handle. Credit cards may possess special fees that you may be unaware of. Be careful to look for things like processing fees, late fees and transaction fees, among others. These can quickly add up and get you into debt quickly. In the event that you incur debt that you can't handle, you can always seek help from a legal professional who can inform you of the many options that are out there.
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