Colleges Don't Teach You How To Take Care Of Your College Credit Card Debt
A current study shows that, on average, a college student in America owes about $1500-$3000 as college credit debt, at the time of graduation. Parents send their children to college to come back with a quality higher education, but students return with huge credit card debts instead! At occasions, a college credit card debt can total as much as even more than their cost of education!
How can Students Fall In This Trap?
Very soon, however, they find themselves burdened with a gigantic college credit card debt, growing at an unbeatable pace with accumulating pursuits and late payment charges! The credit card companies thrive on these college credit debt accumulations! So they keep enticing more and much more students by offering them free t-shirts, DVDs along with other goodies, just to get them to sign up their credit card application form! Well, where else would they obtain such easy targets to prey upon?
How To prevent The Trap?
Best way to avoid being laden with a college credit card debt is, of course, to steadfastly refuse signing up with any credit card company until you've got a steady job. So these are some points you can keep in mind.
How can Students Fall In This Trap?
Very soon, however, they find themselves burdened with a gigantic college credit card debt, growing at an unbeatable pace with accumulating pursuits and late payment charges! The credit card companies thrive on these college credit debt accumulations! So they keep enticing more and much more students by offering them free t-shirts, DVDs along with other goodies, just to get them to sign up their credit card application form! Well, where else would they obtain such easy targets to prey upon?
How To prevent The Trap?
Best way to avoid being laden with a college credit card debt is, of course, to steadfastly refuse signing up with any credit card company until you've got a steady job. So these are some points you can keep in mind.
- Do not keep more than 2 credit cards whatever it takes.
- Look for a card with the lowest rate of interest, but remember those 0% introductory schemes are limited time provides only!
- Stick to a budget. Plan your monthly shopping ahead of time. Prioritize your needs. Borrow only as much as possible pay off by the end of the 30 days, to avoid high compounded interest charges.
- Pay your bills promptly. Late payment charges can go as high as $24-$40 each time and can also hike your interest rates.
- Request a low credit limit from $700-$1500, so you can still look after emergencies without digging up too deep a grave on your own! If you are already neck deep in college credit card debt, you still need not lose hope. Certain government organizations and other financial institutions can offer you bad credit student's loans to consolidate all your various credit card debts into one debt consolidation student loan that you could pay off at more affordable single installments each month.