Stay away from credit cards as long as possible .
Although they are relatively easy to get and can be a simple way to build credit, credit cards are also one of the easiest ways to get into trouble financially. While you're a college student, credit cards are a very tempting way to maintain the lifestyle you became accustomed to while living with mom and dad. But remember that credit card debt is money you must pay back. It might be nice to have a game system and surround sound in your dorm room, but you just might be paying for that Playstation 3 when Sony is debuting Playstation 9.
Avoid too much credit.
Don’t ever borrow more than you NEED. That way you'll have cash left for yourself and not tied up in paying bills every month. You also don’t need a $30,000 limit on a credit card. Credit cards should be used in case of an emergency. Really, the only emergency that might cost $30,000 would be ransom….”GIVE ME BACK MY SON!....and do you take American Express?"
Always pay more than the minimum amount due .
Minimum payments on credit cards only cover the interest charged for that month and about 2% of the principal (the remaining balance of the amount you've charged to that card). If you just make minimum payments, it could take you years to pay off a credit card, even if you never charged anything else with that card.
On an installment loan (such as an auto loan), always pay more than the monthly payment due. Even though installment loans are designed to be paid off over time, you can cut that time down considerably by paying an extra amount to the principal. That will also reduce the overall cost of the loan — resulting in more money in your pocket for other things.
Remember that money that goes to pay interest on loans is money that cannot go into savings or investments which earn interest for you.