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Bankruptcy Marketing:;;Article;;Credit Card Debt among College Students

Credit Card Debt among College Students: Consolidation May
Be An Option
Credit card debt among college students is a serious problem.
The easy access to credit cards coupled with the lack of
financial responsibility has caused a large number of students
to drop out of college due to their excessive debt. In some
cases students have lost their educational loans due to
excessive credit card.  

Credit card companies frequently target college students with
credit card offers that seem too good to pass up. In truth they
are too good to be true. There are many expenses that come
with attending any college or university.  Even with student
loans, grants and scholarships money is frequently very tight.  
The temptation of easy money in the form of a credit card is
often too much to resist.

No one seems to be talking about credit card debt among
college students. It is the last thing on a student’s mind. When
confronted about excessive credit card debt they frequently
rationalize that the debt can be paid off once they have
graduated. Dreams of a high paying job that will provide all the
funds necessary to pay off all their debts it frequently cited.

Peer pressure to party and to enjoy the good life can also be a
factor excessive credit card debt among college students.
Soon the credit card bills are being paid with funds that were
meant for books, lab fees, tuition and housing. The end result
of which frequently means the student must drop out of
college. In some cases these excessive debts are passed on
to the student family which is already strained by the costs of
providing an education to their son or daughter.

Dropping out of college should be avoided if at all possible. A
possible option that may be able to address credit card debt
among college students is a consolidation loan. Consolidation
loan programs are available that will consolidate all the
students loans including credit card debt into one loan
package. It goes without saying that the student will have to
cut up their credit cards and live on a cash basis through
graduation.

In most cases college students leave home very poorly
prepared to handle their own financial affairs. Some have
never used or balanced a check book and many have not
saved for their own college education. In many cases a
financial crisis such as defaulting on a credit card can be a
good educational experience. On the bad side credit card debt
among college students can cause a student to drop out of
college and ruin their credit rating.

Many students do not even know what a credit score is and
many do not even care. Even graduating from college with
honors may be negated by a poor credit rating when looking
for a job. The best thing to do is not own or use a credit card
while in college. Living on a cash basis is a much better path
to graduation that will provide better money management
skills that will last a lifetime.



                        Credit Card Debt among College Students
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