Credit Cards...Beware!

College students turn to credit cards….

As conventional college financing becomes more difficult to get and college tuition continues to soar students are turning to a quick and easy fix…credit cards. Be careful…credit card companies have some enticing schemes to get cards into college students hands.

Some facts:

• 51% of college students got their first credit card before starting college.
• 45 % said they are interested in getting another card in the upcoming year.
• 1 in 4 said they had been charged a late fee. 45% say more than 1 late fee.

College students are an attractive market to many credit card companies because most adults already have too many cards. According to a PIRG survey of 1500 students at 40 colleges in 14 states the average senior is graduating with an average of 2,500.00 in credit card debt.

Here are some helpful tips:

• Get a low limit card with a good interest rate.
• If you have an outstanding balance, make sure you pay more than the minimum
• Don’t be late or miss a payment
• Have a plan to pay down the debt before you use it again
• Get a part-time job or a second job to help pay down debt
• Transfer balance to a lower interest card…be careful of transfer fees
• Get advice from Mom and Dad