Avoiding College Debt (Credit Cards)

 

It is very easy to get into debt, especially when you are in college, or college age. Creditors are looking for kids, who are eagerly looking for financial freedom, and without mom and dad to tell them what to do. They fall prey to their own inexperience. I remember how easy we ran up our credit card usage. They were only for emergencies, but somehow, thing quickly got out of control. We started eating out, and buying clothes online, or just spending carelessly; we quickly amounted a high amount of debt. Our monthly payment went from $25 a month, to $250 a month, then we used another credit card to pay for an overdue bill, etc. So you see, things can quickly get out of control. We have managed to consolidate our credit cards into one monthly payment, we are better at budgeting, and best of all, we don’t spend more than we earn. I want to share some tips on how to use your credit card responsibly:

·         Don’t get a credit card.

·         Only use it in real emergencies:  Dr. or medical, car problems, etc.

·         Spend according to your income.

·         Avoid more than one credit card.

 

I found an article that has some more great advice for college students and young adults, about credit card debt:

http://www.washingtontimes.com/news/2013/apr/1/college-students-more-wary-of-credit-card-debttoug/

Joshua Eferighe. College Students More Weary Of Credit Card Debt The Washington Times. April 1, 2013