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How Should Millennials Start With Credit?

October 24, 2013 by Eric Rosenberg

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This past weekend, I spent four days at the Financial Blogger Conference to get ideas for making this site better for all of you. While there, I was interviewed by credit reporting agency Experian. They asked me about starting out with credit for college students and young professionals.

 

Full Transcript

 

This is my 3rd FinCon and I’m super excited to be back. Not only is it an opportunity to reconnect with friends and other bloggers around the blogosphere but I also run the Ignite event here which brings speakers together for short, quick fun talks. That’ll be a great night event.

It’s important for millennials to understand and know that when they get out of college they’re already running full speed towards a good credit score. That actually starts even before they graduate when they take on their first student loan or get their first credit card. So it’s important to know when you get your first card, that credit card will impact your ability to maybe buy a house later in life so you have to manage it responsibly right from the beginning. A lot of young people get out college and they want to go buy everything they can. They think they have a new shiny job, it’s time to go spend, spend, spend. And the easiest way to do that is to put the money on a credit card. They don’t understand that you really have to pay that back and the interest rates can be quite high. So it’s important to manage your credit and use it wisely so you’re not paying a lot of interest and you’re building a high score for your future.

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Filed Under: Credit, Debt Management Tagged With: Credit Cards, Credit score, Young Professionals

About Eric Rosenberg

Eric is the founder and editor of Personal Profitability. He left his corporate finance job in 2016 to take his online side hustle full-time and now earns a six-figure online income.

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I started a little side hustle blog in 2008, and left my full-time day job as a Senior Financial Analyst to turn my side hustle into a full-time gig. Learn how I did it so you can build your side hustle. It all starts with the first dollar.

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