Americans are literally drowning in credit card debt, but that doesn't mean that credit cards are inherently bad. Credit cards can be an important tool in establishing credit. Credit for students is readily available thanks to the number of companies that solicit college students because their bright financial futures and tendency to remain loyal to their first card issuer. Before you apply for a credit card, though, check the terms. What is the interest rate? Is there an annual fee for the credit card? If so, what is it? What are the late fees? What is the grace period? And if you don't know what a grace period is, you probably shouldn't apply.

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