Are Student Credit Cards Bad?Are student credit cards bad? In this article we are going to cover sound ideas for college student money management. College tuition, books and housing are covered at the Handling Rising Tuition Costs page. One of the biggest crimes today is that many of our young adults are leaving college already under a mountain of debt, leaving them with a large handicap. According to Nellie Mae the average credit card debt per student was $2,200. If you stack up too much credit card debt you could be well into your 30’s before you get it paid off. Now, what do you think, are student credit cards bad? The key for sound money management for college students is to use the same principles taught throughout this site. The most important aspect is to spend less than you are making. When in college you should be living a frugal lifestyle. You are not in college to accumulate possessions; you are there to learn. If you do not have a job while you are attending college you shouldn’t have a credit card. I can think of no good reasons to have a credit card, even if you have a job, but if you do have a credit card then you should never use it to buy anything you do not have the money to pay for. Even though college students are now out form under the watchful eyes of parents you do not have the freedom to buy anything you desire. If it is freedom you want you need to stay out of debt. If you are in college and you already have credit card debt you need to start paying it off as soon as possible. If you do not have a job you should get one. Do not let the debt continue to build. Being a college student isn’t a ticket to spend money wastefully, but there is a possibility for you to dig a hole that could take you years to get out of. When you graduate from college and get your first job you will truly have the world by the tail if you don’t have any debt. If you continue to live by sound financial principles you be off to a fine start to a rewarding life. College student money management is not that difficult if you haven’t already accumulated debt, just follow the plan laid out here. Are student credit cards bad? Yes, they are definitely bad when you use them to purchase things that you can’t pay for.
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