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Enlightening Students About Credit

Aug 31, 2007
With plastic money becoming ever-popular, credit card companies are flourishing. They are appealing to all kinds of people as well. If you thought that credit cards were the privilege of only working people, think again. Credit card companies are starting young these days. Who are they targeting? High school and college students, of course. As it turns out, if you are a student, you can avail of a credit card. In fact, that is the only time when credit cards are available to you despite being jobless. And college students love the fact that they have the power to buy on credit.

Now that we have established that credit card companies have begun to target increasingly younger people, one question arises: What makes the student crowd come to them? Well, student credit cards are marketed differently from other kinds of credit cards. In these cases, the credit cards come with a bunch of teasers that ease the burden on students to afford the card. Thus, there may be interest-free periods. There may be some very low rates of interest. After all, students do not have a terribly stable income. To land them with an unnecessarily expensive credit card offer would result in failure for that card.

However, this is not to say that student credit cards have no cons at all. Of course they do. For instance, defaulting on credit card payments could result in the suspension of all the bonuses that were being given. Default just once and that unbelievably low interest rate might go up to as much as thirty percent. Moreover, students are not necessarily known to be the best managers of their money. In fact, when we think about groups that tend to waste their money, the image of students is one of the first that one can recall. Moreover, living away from home can result in higher expenses which the student might find it difficult to afford.

Sometimes there is no running away from rising credit card debt. However, if you are a student with a newly-acquired credit card, see to it that you do not end up having to spend more than is necessary. Using your credit card prudently is the best way to make certain that you avoid getting ensnared in the web of credit card debt. Remember that once you do graduate from college and get a full-time job, you will have all kinds of other expenses to take care of. At such times any extra expense or liability like credit card debt would just be an added worry.
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