10 Worst Mistakes People Make With Their Finances

2) Applying for Multiple Credit Cards

Adults are at risk the second they turn eighteen, because that is when credit card companies begin to flood mailboxes and spam folders. It is incredibly tempting to give in and apply for a card or line of credit, because many see it as free money until they max out their limit and begin to accrue interest. Applying for multiple credits cards to pay off existing debt won’t necessarily work either. Millennials often lack proper education regarding finances and responsibilities such as credit scores, so it doesn’t become an immediate concern until it begins to haunt them. If credit card debt is not paid off in a timely manner it will begin to hurt your credit score. Credit can take a significant amount of time to repair and is crucial in getting approved for leasing an apartment or even getting a job. The more credit cards you apply for, the more your credit score will suffer because of it and take longer to mend.