I’ll just charge it.

The solution to every shopping problem any girl has ever had. It’s quick. It’s efficient. And swiping a pretty piece of plastic that closely resembles a gift card distances you from the reality that eventually you’ll have to actually pay that money.

Now don’t get me wrong. Credit cards are awesome. You don’t become the owner of more shoes than there are days in a month by not liking credit cards. But that doesn’t mean that they’re not a dangerous little deviants that should be kept at a distance until they can be handled properly. And by handled properly, I mean, paid off promptly. Because the longer you put off those payments the worse it gets and the worse your credit score gets. What’s your credit score, you ask? Well, ladies, that’s a good question. In fact, it’s the question most of this post is dedicated to answering. So take a deep breath and bear with me here.

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[College kids are notorious for being poor. And why shouldn’t we be? We take out student loans to pay for private universities, can barely balance a part-time job with our full-time courseload, and the only “balance” we’re familiar with refers to the number of points left on our dining hall cards. Oh, did I mention many of us tend to splurge every extra penny on PBR’s at the campus bar?

If you disagree with everything I just said, you probably don’t need this column. But if you’re nodding along because you’re officially an adult and still don’t know how to manage your money, then you might want to pay attention every week, because I’m going to (try to) get you through this, and make you a successful saver and a wise spender.]

Last week, I discussed the pros and cons of both credit and debit cards. One risk I run when using my credit card is letting my spending get a little out of control. When you rack up a hefty credit card bill, you essentially lose money, because with every month that goes by that you haven’t managed to clear the balance, the more fees get tacked on to your current statement.

As college students, large bills can easily get out of control, and I know I have often felt like I was drowning in bill payments. After all, most of us can’t work full-time or even well-paying jobs, and if we have a huge exam or a paper on the horizon, we may force ourselves to cut back our hours, and likewise, our weekly income.

If you have hundreds (or even– eek! thousands) of dollars in credit card bills looming over your head, sometimes a credit card balance transfer (to a zero interest card) is just what the doctor ordered. But is it worth it, and should you do it? Read More »