As young people throughout the state of Pennsylvania return to school, some are heading off for their first year of college. Most people in this situation will find that they are facing a variety of new experiences and responsibilities, including living away from their parents for the first time. The freedom associated with this new phase in life usually extends to financial matters as well and college students will likely find themselves facing a barrage of credit card offers on campus.
Credit cards are a part of the lives of a majority of college students. According to one statistic, more than 80 percent of all students have credit cards. Students are sometimes drawn in to these offers by the freebies given in exchange for completing an application, such as T-shirts. While having and using a credit card responsibly can build good credit, opening too many and using them with reckless abandon can lead to financial problems to which solutions may not be easy. This fact is known by credit card companies along with the fact that in many cases college students have parents who can help pay off the debt.
As is the case with anyone who accrues more debt than they can handle, some college students may find that filing for bankruptcy is the best way to proceed. Making a decision like this is an important one and it is important to get all of the facts before moving in that direction. A bankruptcy lawyer can help individuals of all ages and backgrounds understand what their options are.
Generally the best way to avoid financial issues that may necessitate filing for bankruptcy is for a college student to make and stick to a budget. In addition, being selective about the card one signs up for can make a difference. Finding one without hidden charges or high interest rates is usually the best way to go.
Source: Indianapolis Recorder, “Credit card debt and the college student an unhealthy cocktail,” Jesse Brown, Sept. 5, 2013