As college students head to campus, many of them will discover the perils of credit cards. More than 40% of students have a credit card, and about a third of that group carries a balance from month to month, according to data from CreditCards.com. Here's the story of one student who learned about credit the hard way -- and some tips for managing plastic like a pro.




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Johnson Smith

If a student is knowing how to mange the creditr cards then it is a good option otherwise it can put burden on their life. So, it should be avoided as much as we are not knowing it's well management.Thanks for such post.
http://www.readallaboutit.co.cc/?p=5137

October 18 2011 at 6:50 AM Report abuse rate up rate down Reply
JohnsonSmith

Nice and informative video. Plastic money needs management of it.If carried in a organised way but worst if used without management.Thanks for such informative post.Keep sharing.
http://www.mypayday.co.uk/

October 12 2011 at 7:37 AM Report abuse rate up rate down Reply
JohnsonSmith

If people follow a strategy then they will surely avoid the problems related to the finances
http://www.kwikcash.co.uk

August 30 2011 at 8:45 AM Report abuse rate up rate down Reply
JohnsonSmith

If people follow a strategy then they will surely avoid the problems related to the finances. http://www.kwikcash.co.uk

August 30 2011 at 8:45 AM Report abuse rate up rate down Reply
brian

Nobody should blame anyone for our CC but ourselves. Cant py them off each month, dont use them. That easy.

August 30 2011 at 4:52 AM Report abuse rate up rate down Reply
gr8bsn

College credit card debt? Meh... I wish that was all I had coming out of college. I paid that off. You actually have options and rights when you are in credit card debt. Try student loan debt on for size... indentured servitude for the 21st century.

August 30 2011 at 3:46 AM Report abuse rate up rate down Reply
jay love

the banks and our stupid politicians all made really bad bets on consumer debt by enticing people with artificial low interest rates, the government felt it best that everybody and their dog own a home, despite whether or not they can afford one, so they and the banks bet big on the housing and home loan market. make big loans to anyone with a pulse, then bundle them into pools and sell them multiple times on the back-end to the worlds investors, creating a bubble there as well, that way they could continue making new loans and re-financing because hell the banks didn't have any skin in the game, the investors held all those previous notes for mortgage and credit card debt? well, guess what? the bubble broke as all bubbles do and we have a recession now? homeowners as well as investors and a few banks, are stuck with underwater mortages that won't perform, banks won't do the right thing and reduce a portion of the principle so those people who can still pay will, especially all those banks that got huge stimulas money from Obama for doing nothing? so now of course you see more and more people just refusing to pay as time goes by? let the banks go pound sand? you may be better off doing that anyway, rather than paying start hording back food, guns and ammo for the hard, hellish days ahead when there won't be any food on store shelves and the govt. is rounding up people to put into camps?

August 30 2011 at 3:26 AM Report abuse +1 rate up rate down Reply
1 reply to jay love's comment
gr8bsn

Or just chill out and take a job overseas...

August 30 2011 at 3:47 AM Report abuse rate up rate down Reply
k1236969

There appears to be a general misunderstanding about paying balances in full at the end of the month to avoid paying interest. Credit cards begin accruing interest on a very low compouding interest rate on a daily basis - FROM THE DATE OF EACH TRANSACTION UNTIL PAID IN FULL.

When balances carry forward into the next month - i.e. making minimum payments - the interest portion of las month IS EFFECTIVELY CONVERTED INTO PRINCIPLE, AND BEARS CMPOUNDING INTEREST GOING FORWARD, CALCULATED AT WHATEVER INTEREST USURIOUS RATES APPLY + VARIOUS FEES AS CALCULATED BY CREDIT CARD CMPANIES.

One last comment on this: Although I am poor, I feel RICH $$$$ By not owning a Credit Card. Albeit they are handy items as chopping and spreading instruments and make a great tool for opening stuck doors. I also like to snip them in half and paste them on the wall as decoration. So you see? I do take INTEREST. in the NON-INTEREST aspect of hated plastic!

Namaste

August 30 2011 at 2:50 AM Report abuse +2 rate up rate down Reply
1 reply to k1236969's comment
gr8bsn

Try getting a room at a decent hotel or renting a car without a credit card.

August 30 2011 at 3:49 AM Report abuse rate up rate down Reply
truckerwellness

Are you really making some money on those online surveys Way2go? I heard about it but I didn't think it is for real? Can you name a few? I could use some extra cash. Thanks

August 30 2011 at 2:36 AM Report abuse rate up rate down Reply
rkschwartz1

I am deep in the hole in credit card debt and needed a way to help me be a better manager of my money. I started looking at prepaid cards so that I would only spend what I loaded on the card. I also have been a victim of card fraud twice and was beginning to feel helpless against the thieves. No matter how careful I seem to be, somehow my card information gets found. I do not want to carry cash but my cards seemed to expose my accounts to unauthorized charges.

I heard about this new card product called a Secure Identity Prepaid Card. It has a security feature that lets you turn your card on and off using your cell phone. You send a text message to activate it before you make a purchase. If your card is ever lost or stolen, the card could not be used. If someone tried to use the card, you would get a text alert telling you the details of where it was used but the charge would not go through. If you wanted to have the purchase go through, you could activate your card and have the merchant swipe it again. This sounds like a very cool concept and I like that I am in control of what transactions can be processed on my card.

I plan on using it instead of my bank debit card so I can get some spending discipline and protection from fraud. I just enrolled for one and I am waiting to get it in the mail. I can't wait to try it out. I will re-post and let people know how it worked.

August 30 2011 at 1:04 AM Report abuse rate up rate down Reply