I recently graduated from University and have my first job. I am anxious to get my credit card but my older friends keep warning me against it. Is this something I should consider? How can I manage it?
Having landed your first job you need to be cautious with your spending, so your friends are right when it comes to getting a credit card.The question is, do you really need it? To put it simply, credit is the ability to borrow money based on promise of a future repayment. This is how it works: The credit card will allow you to borrow and spend up to an agreed limit. Your spending limit – or credit limit – will be decided by the provider and depends on your individual circumstances, taking into account factors such as incomeand your current financial status.