SM EET POTATO ~PIE~ a. A H CREATIONS Corner of 11th <§ Willamette • 344-8810 Mon—Sal 10-6, Sun 12-5 rJiomespun Clothing J-Ianclblown Glass Tobacco Products Jlemp twine <§• Products Organic Cotton Wittner guitar tuner $19.95 Neotech sax strap $15.95 Signalflex headphones $39.95 Martin guitar polish $4.50 Adam music stand $8.95 Musical coffee mugs $5.95 ... and much more! 142 West 8th Avenue Eugene, OR 97401 686-4270 r - coupon - • 10% off ! * any regular price • ' gift item I L sam*i mm mmJj 521 Main Street Springfield, OR 97477 746-3822 Season of Giving Avoiding the pitfalls of holiday credit card use By Tom Valinoti Freelance Reporter The holiday season is right around the corner. Unfortunately, Santa Claus doesn’t extend the same gratitude to college students that he does to little boys and girls. But, now that we’ve spent some time in "higher education,” hope fully we’ve learned that it is better to give than to receive. Besides, the better gifts you give, the better you receive, right? There is, however, one problem: college usually equals no money. To add to the lack of funds, the holidays are the time for many to teeter on the edge of finan cial destruction via those conve nient pieces of plastic. I speak of none other than credit cards. The season of giving often finds Americans giving too much. Most spending is done through credit cards. For adults who hold down regular jobs, this isn’t much of a problem. But college students who use credit as a holiday payment plan (an be in for some nasty reper cussions if they aren’t cautious. So you have a card and want to use it. Go ahead, buy Dad that new cordless DeWalt drill he’s been ey ing for months. Just keep in mind that just because you’re in college, and on your way to adulthood doesn’t necessarily mean that you should be on your way to adult spending levels as well. Buy thoughtful gifts - not the most ex pensive ones. And if you have more than one credit card, choose the one with the most credit on it and shred it. It will be worth your while. Just to give a slight perspective on credit card debt nationally, in 1995 at the end of June, Americans owed $195.2 billion. Some students have used cards to their advantage. One of the primary rules for card holders is to pay off your balance on a monthly basis. But, if this means that you’re cutting into your savings or moneys that are used to pay other bills, it’s time to limit spending. One University student, Ian Miller, said he does attempt to keep his balance at zero at the end of each month. However, “Com ing up on Christ mas. I’ll be looking to buy a lot of stuff, so. I'll probably be going into debt for the first time,” he said. Overall, he said, "Having a credit card definitely does make the spon taneity of buying things happen more often. I’ll go into a record store and spend more with a credit card than I will with cash. Having a card definitely influences that.” There are some steps that can be taken to keep creditors off your back. First of all, either cut up your card(s), limit your spending drasti cally or make a serious effort to budget in sizable payments until you've brought your balance down to a comfortable amount. Unless your APR (annual per centage rate) is low, the interest on your card could stack up at an alarming rate. Most cards carry a low rate, around 7 percent, for an introductory period of six months. After this, most card’s APRs sky rocket to a whopping 16-20 per cent. If your card is maxed out, ap proximately 1/3 of your minimum monthly payment will go directly towards occurred interest alone. So, keep a close eye on your statements as well as your spending. Another frequent problem is that it is very easy to get new cards and simply transfer existing balances to them. If you are in this deep, get help immediately. Make sure to tall your credit card companies to ex plain your situation and to set up a payment plan. They will work with you — up to a certain point. If you are summoned by a debt collector, you can be taken to court for the amount owed, which is due immediately. Also, your credit record can be tarnished for the rest of your life. This can make any thing from getting a checking ac count to leasing a car extremely dif ficult. This holiday season, if you do whip out the plastic, keep in mind what could happen. For informa tion about cards in general, visit www.mastercard.com/stu dents/ or www.visa. X com. For information >\ concerning personal credit reports, visit www.righttoknow. Also, the Consumer Credit Counseling Ser vice can be reached at 1-800-388 2227. Creative Gifts... 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