Nigerian Students Credit Facilities. Do Nigerian Students Need Credit Facilities, By Basil Ikpe
With the rate at which the higher percentage of internet fraudsters, common known as Yahoo Yahoo, are found in our universities. The level of trust on some data base support systems are questionable.
Nigerian Students Credit Facilities
But the above not being the topic at hand, this piece seeks to bring to the open, with no bias, if a Nigerian undergraduate is ripe for a credit facility.
Like most developed countries, there are advantages and disadvantages to their credit facilities.
Knowing some of these can help you decide if you do or do not want to use one.
The basic advantages are:
• Purchase Power and Ease of Purchase – Credit facilities make it easier to buy things. Say like your discount card from ShopRite. If you don’t like to carry large amounts of cash with you.
• Building a Credit Line – Having a good credit history is often important, not only when applying for credit cards, but also when applying for things such as loans, rental applications, or even some jobs. Having a credit card and using it wisely (making payments on time and in full each month) will help you build a good credit history.
• Emergencies – Credit facilities can also be useful in times of emergency. While you should avoid spending outside your budget (or money you don’t have!), sometimes emergencies (such as your school fees, hostel rent, airtime, handout, printing).
The basic disadvantages are
• Blowing Your Budget — The biggest disadvantage of credit facilities is that they encourage people to spend money that they don’t have.
• Leaving above your income—This facility for a student, will allow many leave above their income.
Credit facilities can make life easier and be a great tool, but if they aren’t used wisely they can become a huge financial burden.
If as a student, you do are opportune to use any credit facility, remember these simple rules:
• Keep track of all your purchases.
• Don’t spend outside your budget.
• Pay off your balance on all of your credit before the stipulated time.
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