The Simple Truth Behind Your College Student Credit Card Debt
Credit card debt is not a strange phenomenon.
Like anything else, it's use can be taken to extremes, with traumatic consequences.
Credit card debt can be a huge problem for anyone who is not prepared to handle the credit with a basic level of maturity and level-headed-ness.
College students are especially vulnerable, even though their credit limits are usually lower than their working counterparts.
It is no wonder however, that college student debt is becoming a big problem both for those in school and those who have just graduated from college.
Financing an education by using credit card debt has got to be one of the most expensive ways to do this.
This is simply because charge cards traditionally have one of the highest loan interest rate that there is.
If these students graduate from of college with this high debt load, they will have to pay back not just the loans they taken for studies but the high-interest deb instrument they have been using as well.
Since most of the college students are very inexperienced in handling debt, they can easily fall under this high burden which can severely cripple their finances for many years to come.
Now in today's wired world, a graduate cannot just simply walk away from that debt.
Eventually they will have to pay.
It is not surprising that a young college graduate of merely 28 years old can find himself seeking debt counseling, simply because his use of debt started in his first or second year in college.
The high cost of college education today is one of the driving factors behind this problem.
The solution to the problem of college student debt lies in avoiding the use of credit card debt while in college.
The cost of credit is simply too high for the student who will not start paying back for many months.
So, the first lesson to be learned by the budding student is to avoid college student debt altogether.
The student must understand the concept that credit card is not free money and that whatever you pay-for using your credit card has to be paid back with interest.
Students should avoid overspending.
Never buy things just because they are on sale.
A sale does not equate to a need.
Also, a student should shop around for good deals whether it be for food, clothes, or supplies.
A good thing to do is to prepare your monthly budget and follow it in a disciplined way.
Never deviate from your budget unless it is a life or death situation.
The disciplined culled from this period will be a good take-way for later years when you become a working adult..
Another very important preventive measure for avoiding college student credit card debt is to avoid going for a second credit card, when your current one is maxed out.
Some students feel that they must have multiple cards just because the credit limit on your college student account is very low.
However, this is a recipe for becoming swamped with college student credit card debt.
This is how college student credit card debt builds up.
One credit card is more than enough for any student.
Another option that might appeal to some students is to use the Internet to earn some extra income in your spare time.
If the student does not get a regular stipend from home, he will have to make it up.
One way to do this is to write for others who need writing services.
Places like the WarriorForum and Elance may be the perfect places to start looking for extra work that will bring in income to help reduce your credit card debt.
Like anything else, it's use can be taken to extremes, with traumatic consequences.
Credit card debt can be a huge problem for anyone who is not prepared to handle the credit with a basic level of maturity and level-headed-ness.
College students are especially vulnerable, even though their credit limits are usually lower than their working counterparts.
It is no wonder however, that college student debt is becoming a big problem both for those in school and those who have just graduated from college.
Financing an education by using credit card debt has got to be one of the most expensive ways to do this.
This is simply because charge cards traditionally have one of the highest loan interest rate that there is.
If these students graduate from of college with this high debt load, they will have to pay back not just the loans they taken for studies but the high-interest deb instrument they have been using as well.
Since most of the college students are very inexperienced in handling debt, they can easily fall under this high burden which can severely cripple their finances for many years to come.
Now in today's wired world, a graduate cannot just simply walk away from that debt.
Eventually they will have to pay.
It is not surprising that a young college graduate of merely 28 years old can find himself seeking debt counseling, simply because his use of debt started in his first or second year in college.
The high cost of college education today is one of the driving factors behind this problem.
The solution to the problem of college student debt lies in avoiding the use of credit card debt while in college.
The cost of credit is simply too high for the student who will not start paying back for many months.
So, the first lesson to be learned by the budding student is to avoid college student debt altogether.
The student must understand the concept that credit card is not free money and that whatever you pay-for using your credit card has to be paid back with interest.
Students should avoid overspending.
Never buy things just because they are on sale.
A sale does not equate to a need.
Also, a student should shop around for good deals whether it be for food, clothes, or supplies.
A good thing to do is to prepare your monthly budget and follow it in a disciplined way.
Never deviate from your budget unless it is a life or death situation.
The disciplined culled from this period will be a good take-way for later years when you become a working adult..
Another very important preventive measure for avoiding college student credit card debt is to avoid going for a second credit card, when your current one is maxed out.
Some students feel that they must have multiple cards just because the credit limit on your college student account is very low.
However, this is a recipe for becoming swamped with college student credit card debt.
This is how college student credit card debt builds up.
One credit card is more than enough for any student.
Another option that might appeal to some students is to use the Internet to earn some extra income in your spare time.
If the student does not get a regular stipend from home, he will have to make it up.
One way to do this is to write for others who need writing services.
Places like the WarriorForum and Elance may be the perfect places to start looking for extra work that will bring in income to help reduce your credit card debt.
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