Summary:
Avoid the pitfalls of ruining your credit while in college. Learn how to establish good credit and keep it. Remember the cup doesnt runneth over... and neither should those credit balances!

Details or Sample:
No credit is almost as bad as bad credit. Many college students who are hamstrung by their limited budgets are forced to find good ways to finance their needs and wants. The problem is that credit cards are often carelessly treated as "money cards." It"s the buy now and suffer later mentality that gets people into trouble. Students simply lack the restraint of not using credit to borrow money, finance vacations or throw a kegger.

The harsh fact of the matter is that as debt climbs, so do the minimum amounts due on each card per month. Eighty-three percent of students now carry one credit card. The average credit card debt was $2,327 in 2001 according to student lender Nellie Mae. An alarming 31 percent of college seniors have anywhere from $3,000 to $7,000 in unsecured credit debt. Six percent of college seniors end up racking over $7,000. Insatiable spending makes for disastrous results. Credit card companies take advantage of this by raising the interest rate as the amount financed rises. Suddenly it becomes more and more difficult for students to make their payments on time or at all. What had been no credit becomes tarnished credit and the collection calls begin ad nauseam.

Let"s face it. Students are often naive, impulsive and immature when it comes to handling money. Good money matters are learned behavior that requires discipline. Discipline is most always a word that college students avoid. After all life"s all about being young and having fun! Worry about tomorrow later.

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Written by: Shelley M. Johnson
Available File Types:Text
Words: 1200