College Credit Cards – Smoothing Out Your First Credit Wrinkles
College student credit cards have replaced student loans as a freshmans first experience with student credit. At the sophomore level, out of a sample of 100 students, over 90 are found to hold at least one college credit card. The question is why do many students find themselves in a vicious cycle of debt with their college credit cards? Why are they astonished with the huge bills they receive each month? Most importantly must it necessarily always be this way for a college credit card user or is there a simpler way?
There are plenty of statistical indicators to suggest that students run up credit bills regularly yet they do not pay down their card balances nearly enough. Approximately 21% of college credit card users have balances between $3,000 and $7,000. The number of credit cards in an average students possession keeps increasing a sign that they might be acquiring new cards to pay off balances on old ones. But this only leads inevitably to their overall credit balance increasing even faster, adding more debt to a seemingly never-ending downward spiral of debt.
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