Far too many college students shy away from credit cards.

In fact, only 33% of people between 18 and 29 even have one.

Yet, not having a credit card has serious implications for your financial future.

For one, without a credit card, you aren't developing a credit history, which means you're unlikely to get bank loans for a car or house and often unable to rent an apartment. Both a bank and a prospective landlord could very well deem you too risky without a known credit history. Plus, banks are reluctant to give credit cards to first-time users, which makes building credit history all the more difficult.

The solution? A secured credit card, available through all the major credit card companies, including Visa Inc. (V) , MasterCard Inc. (MA)  and Discover Financial Services (DFS) . This is a real credit card, with a security deposit, or balance, added before you can use it. It functions, in a sense, like a checking account in that you can spend only what's in your balance.

Of course, key to developing a credit history is using your credit card responsibly. That means paying off the balance in full every month, not just the minimum.

More of What's Trending on TheStreet:

More from Stocks

Stocks Trade Higher, Nasdaq Wavers as Facebook Tumbles

Stocks Trade Higher, Nasdaq Wavers as Facebook Tumbles

How to Play 'Cloud King' Salesforce With Dreamforce Set to Kick Off

How to Play 'Cloud King' Salesforce With Dreamforce Set to Kick Off

Volume is the Weapon of the Bulls, Reminds Wall St. Legend

Volume is the Weapon of the Bulls, Reminds Wall St. Legend

A Brief Bird's Eye View of Fresh IPO Elanco Animal Health

A Brief Bird's Eye View of Fresh IPO Elanco Animal Health

Are There Risks Indicating the Fed Will Move Off Its Rate Hike Path?

Are There Risks Indicating the Fed Will Move Off Its Rate Hike Path?