So I'm falling on some difficult financial times, I'm a college student, my loans are up and I only will start working again in June, on top of that I'm moving in mid June to a new place which is more expensive and needs furnashing.

So ya times are tuff

So I decided to apply for a loan at my bank just to help me get past these times until I get back on my feet, no worries I CAN afford the monthly payments, I'm just wondering if I should also get a credit card (it's included in my loan plan)

any help or input would be appreciated.

Thanks!

I would say no to the credit card. You're already going to pay interest on the loan and using a credit card will only add more interest. If you get a credit card you'll more likely spend money on stuff you don't really need, like a new game. Without the credit card, you won't be tempted to buy something you don't need, because you can't. If your financially responsible though, which I have no clue, a credit card can be good in a crisis. My 2 cents, which is not on a credit card.

Can you get a loan at your bank?  The new healthcare bill made it illegal for banks to give out student loans.

I suppose that doesn't preclude giving loans to students.

Either way, yeah I'd say no to the credit card, or say yes but never use it unless you are REALLY screwed.  Afterall, the loan will build credit anyway, and all the credit card can do is get you in more debt.

Oh your Canadian ignore the student loan thing... the Philadelphia Flyers thing messed me up.

Never get a credit card if you don't have the money to pay it off. Interest is like ~20% if you don't pay it on time. that's how people get in debt.

only say yes to the credit card if you are actually going to use it. It's a toss up if having a CC you never used is any benefit on your credit score. As for do you need it? you have to decide that for yourself. Personally I'd never get a CC unless you are going to pay it off 100% every month, as a 20% loan (or more since you are a student) isn't fun to pay off.

@Kasz

you're serious that the health bill dictates bank behavior? that is so stupid. The government really needs to put an end to all these riders on the bills that affect other areas not related to the main point of the bill. So stupid.

Yeah.

It prevents banks from giving out student loans and expands the student loans the government gives.  I get the second part... but don't understand the first... since all it does is prevent some people from getting student loans.

I think it's going to increase direct grants from the government but reduce things overall... or something, I dunno.  Loans are weird.  Either way that's a large part of the savings that pays for healthcare.

I would say yes, it is a nice thing to have for emergencies, also just putting stuff you are going to buy on the CC helps establish a credit rating, just don't go stupid, like if you go out to drink or whatever leave it at home.

Also, you should look at getting a student line of credit over a loan.

I got the student line of credit from Bank of Montreal when I was a poor college student, interest rate was 1% BELOW prime, if that is still the same as it was back then, you'd be laughing :)

Loans should be avoided if they are going into anything that's going to lose value over time. That's why only home loans or small-business loans are smart.

A loan for consumer goods, furniture and such, is a bad idea. You'd be better off sticking with the credit card, since it's only two months till you start work, if you think you'll be in a position to make payments in full by then, it would be better to avoid a loan for something that will have no or very little resale value.