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CREDIT CARD DEBT AND COLLEGE STUDENT
Take Charge of Your Cards
Imagine being 30 years old and still paying off a slice of pizza
you bought when you were in college. Sounds crazy, but for plenty
of people problems with credit card debt can lead to that very
situation. Learning about responsible credit card use now can
save you from having to dig yourself out of debt after you graduate.
Credit Cards and College Students
First of all, no one is telling you to cut up your plastic and
return to the stone age. Credit cards are an indisputable fact
of college life and there are many good reasons to have one. Credit
cards give you protection for your purchases, allow you to shop
online, and provide a cushion in case of emergencies.
If you don't already have a card, you'll have plenty
of opportunities to apply for one once you hit campus. Many credit
card companies set up booths and tables at the beginning of the
semester, offering sign-up incentives such as t-shirts or water
bottles. But before you sign on the dotted line, keep these facts
in mind:
Credit Cards Are Not "Free Money"
In fact, they're really high interest loans in disguise. Here's
a breakdown of some typical credit card fees:
- Finance charge
- This is an interest charge (can be as high as 20 percent)
on the unpaid portion of your bill each month
- Annual fee
- Some companies charge yearly membership fees of anywhere
from $20 to $100
- Cash advance fee
- Avoid cash advances -- fees are steep, and interest rates
are usually higher
- Late payment fee
- Paying late can also result in hiked interest rates
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CREDIT CARD DEBT AND COLLEGE STUDENT programs |
