December 9, 2008
Credit is Elementary, my Dear Watson
College students are running up an alarmingly large amount of credit card debt these days and it is only increasing with the passage of time. The average undergraduate student carries $2,500 in credit card debt and by the time they graduate from college, they are beginning their new lives in the “real world” with debt that they can’t pay.Students figure: I’ll live like I want to now and then when I get a job it will be easy to pay it back. This is often not the case. Lower-than-expected salaries, plus higher-than-expected living expenses and hefty student loan payments, make handling credit card debt all the more difficult for students and recent grads.And the worse part about college students having so much credit card debt is that it takes so long to pay it off. Even if they are able to make the minimum payments, by sticking to minimum payments it would take a student more than 12 years and $1,115 in interest to pay off a $1,000 bill on a card with an 18 percent annual rate. If students fall behind in their payments, they get slammed with high late fees. And it’s easy […]
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December 9, 2008
Credit Crunch » Credit is Elementary, my Dear Watson @ 12:31 am (Pingback)
[…] Bankruptcy vs Debt Consolidation (Bankrupcy Versus Debt Consolidations) wrote an interesting post today onHere’s a quick excerpt College students are running up an alarmingly large amount of credit card debt these days and it is only increasing with the passage of time. The average undergraduate student carries $2,500 in credit card debt and by the time they graduate from college, they are beginning their new lives in the “real world” with debt that they can’t pay.Students figure: I’ll live like I want to now and then when I get a job it will be easy to pay it back. This is often not the case. Lower-than-expected salarie […]