It’s no secret that deciding to go to college is a big decision, after all the costs associated with obtaining a college degree can put the average student into debt for many years after they graduate. Not only do college students have to handle tuition expenses, they also have to cover day to day expenses such as housing, transportation, textbooks and basic needs such as food, clothing and entertainment.
The burden of all these financial obligations can lead to an intense struggle and can cause students to develop a very negative credit score before they have even had a chance to really begin living their adult lives. They start drowning in debt even before they have a college degree and are able to start making decent money.
Inflation And Cost Of Living Are At All Time Highs
With these rising costs of getting an education, more and more students are turning to credit cards to help finance their education and everyday living expenses. They are charging everything from tuition costs, books, room and board, meal costs, and many other things. Many students are coming to rely more and more on credit cards to help them with the costs and expenses involved in getting an education. Due to the fact that college students are young and in some cases, financially naive, college students are relying on credit cards, the debt level related to credit cards is at an all time high.
Credit Cards Are Attractive Because Of Their Convenience
There are studies that are always being conducted on credit card use and debt among college students. These studies have found that the higher the students grade in college the more debt that they have on their credit cards. This is attributed to the fact that students develop these bad spending habits early in their college lives and then get themselves into a situation that is nearly impossible to get out of. They have to pay for school and everything that goes along with it. They find it much more practical to go into debt by using credit cards to pay for things than to end up having to drop out of college because they don’t have the financial resources or the means to fund their education. The problem with this scenario is that college students end up with such a huge amount of credit card debt by the time that they graduate that it is nearly impossible to get out of it. They cannot pay off the credit cards and often have more than one credit card. The more cards they have, the more debt they are accumulating. The more debt a student has, the higher the likelihood that they will have negative credit for years and years to come.
Consider The Long Term
Imagine graduating college and starting a new career. You are fully qualified to get a job in a career field that will be of tremendous benefit to you. You have the chance to put your newly acquired skills to use and to make a substantial income. Now imagine that you have just graduated college and you have used your credit cards to get you through your schooling, although you have a promising future in a career of your choosing, you are also responsible for a huge amount of credit card debt, complete with high interest rates. You find yourself going into your new career with debt and a poor credit rating. Because of your earlier choices, you might not be able to finance a house, car, or anything else that you may need because of your lowered credit score rating. You may find yourself considering filing for bankruptcy before you ever start your career and have a chance to be successful.
Resisting The Urge To Charge Can Save You In Long Run
Obviously, the easiest way to avoid this vicious cycle is simply to not use credit cards while you’re in college. Take advantage of all the loans and grants that are available through your college that you choose to attend. Watch your spending carefully. Don’t buy things that you do not absolutely need. Cut corners by cooking at home instead of eating out all the time. If you have the time and the means, get a job to help you finance your expenses and needs. These and other tips can help you start a successful career without a massive amount of debt.