Look For College Students Sinking In Credit Card Debt @ Amazon.com
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Some parents send their children to college with a credit card to use for “emergency” expenditures and take full obligation for the payment of the charges that will ensue. This, of course, makes sense, since the college student is not employed, more likely than not. Mom and Dad are many times in for a big surprise when the bill comes in the mail. It happens innocently, at first. “I need a software program to support me with this class; I’ll use the credit card.” “I’ll pick up these furnishes for my classes while they are on sale. Since they are on sale, I may double up on them, too. Mom will be proud of my thriftiness!” Then the not so urgent things begin creeping in; “Man, I am actually burning the midnight oil on this project, I need a pizza to aid me study.” “All my friends are going out on the town. I genuinely want to go with them. Mom will not mind if I use the card this once for something not affiliated to my school work.” The good intentioned use of the card by the college student soon becomes an out of control monster. Fortunately, college student cards come with a somewhat low limit and a low interest rate as well. Although the college student cannot get into the same degree of trouble with their card as they would be capable to with other credit cards, they may still max the card out with non-emergent charges. For the college student that is footing this debt without the aid of parents, this may be devastating. Now he/she will have the burden of not only his/her student loans, but of the credit card debt as well. If our young college student accepts the “education” he/she gets from using credit, he/she will perceive that the heal to credit card debt is to treat the card the same as any other credit card. Use it only for necessity, realizing that what you buy today with the card comes due at the end of the month for cash. College student credit, in the form of credit cards, is actually an instructional tool for learning credit lessons that will carry over into the world beyond college. One of those lessons is that you do not obtain another credit card because you have reached your limit on the current one. Another lesson is that debt is debt, whether in the form of credit card debt, or obtaining loans to cover “extra” expenses. In the end, the piper receives his due. Another way to help you stay on track is to check your credit score regularly. |
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Krystal
This gal is really sharp. She’s more than just smart, she’s got discipline. More than anything, she’s hip- a quality that attracts her to college students. Thanks for this post.
Sofia
ok… or… you could just save your money and stop being a dweeb spending money you don’t have lol.
Wilton
Interest is the invention of Satan – Thomas Edison
Luke
What I say is true. If you pay your bills on time, pay your rent on time, have NO consumer debt, and show a regular serious saving history you can save the down payment and get a mortgage for a house you CAN afford and not one you can’t afford, just to impress your friends. It can be done. It just takes a little dicipline and desire! If you do these things you will be able to find a bank that will ***** you on your merits and not rely on a stupid FICO score.
Vincenzo
not entirely true. are you going to save up money and buy a house with cash? No your going to take out a 30 year mortgage. Strong credit will give you low interest rates.
Pat
You do NOT need a credit card. A debit card will allow you to do anything a credit card will EXCEPT get you into debt. If you cant pay cash you can’t afford it! And that includes cars. if you use your head you can own good quality late model used cars for life without debt.
Why not teach our kids to save and invest instead of spend and get debt?
Alicia
I’m a freshman in college and have one credit card with only a $500 limit….THAT’S IT. I will not get any more credit cards. So far the only thing I’ve bought on my card is bus tickets to go home and Microsoft Office word, and ALL of it has been paid back. Its about self control people. You DON’T need that new Prada Bag!!!!!
Cory
im teachin my kids to charge as much as posible and never pay anything back ha haa
Summer
what about going without and saving?
Zelma
Yep and the funny thing is according to the AICPA education cannot be valued or put on a balance sheet so it is not an asset. It is merely an expense not an asset!
Ryan
Did she say on avg. 3-7 thousand? I’m sure that’s inaccurate.
Krista
Oh man, do you have some major disappointment going to center punch your ass
Carmela
i warn my daughter that its college years where they start to hook you into a lifetime of debt…. i learned that the hard way…
Rochelle
The problem is that debt is now profit able and all economies (even if one day they collapse) run in cycles.
Jeannie
A hunge majority of students aren’t supposed to be in debt. You can just live near campus. No need for a laptop/ iPod/ car/ TV/ high phone bills. etc etc…. I’ve seen a lot of liberal arts majors with the latest Mac laptops. Makes no sense.
Frankie
I am 55 years old…..it used to be very hard to get a credit card. When I was 25 years old I tried to get credit cards for about 2 years with no luck ….and I had been working full time for 5 years at the same company. Finally I lucked out when Amoco Oil Co. sent me an invitation for their gas card. After I used it for a year THEN it was easy to get a Visa or mastercard
Lee
A community is supposed to invest in their future. Education is an investment in the future of society.
Why in the hell are kids having to pay for their education in the first place?
Answer: economic stimulation.
Suzanne
Going to college is not worth creating debt with an unmerciful government. Sometimes, health issues and certain upcoming mental and physical disabilities will prevent a person from making enough money, if any, to barely survive on, but the government will still take their money! You can’t take bankruptcy! You’re trapped permenantly. There’s no mercy! No forgiveness of debt. Financial slavery! Don’t be fooled. A job’s not promised at the end of your education. Education doesn’t equal prosperity.
Timothy
Yes esp in a country that allows schools to be run like a business. They are not required to teach you anything yet can pocket 20’000 per student! Insane.
Damon
College is an investment. All investments involve RISK. The risk is that you will ruin your life with student loan and credit card debt and get an education that’s worth next to nothing.
Christoper
It’s personal responsibility, bottomline. The system was created to enslave people with debt. I go to school fulltime and work fulltime and its hell, but I owe nothing and have no debt becuase I pay right away. The credit card companies **** me ;D
Marcella
Try this program that costs $10 per month to participate as seen on YouTube “STUDENT DEBT KILLER”