Credit Card Debt Among College Students – Consolidation May Be An Option

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Credit card debt among college students is becoming a serious problem. The easy access to credit cards coupled with the lack of financial responsibility has caused a large number of students to drop out of college due to their excessive debt. In some cases students have lost their educational loans due to excessive credit card.Credit card companies frequently target college students with credit card offers that seem too good to pass up. In truth they are too good to be true. There are many expenses that come with attending any college or university. Even with student loans, grants and scholarships money is frequently very tight. The temptation of easy money in the form of a credit card is often too much to resist.No one seems to be talking about credit card debt among college students. It is the last thing on a student’s mind. When confronted about excessive credit card debt they frequently rationalize that the debt can be paid off once they have graduated. Dreams of a high paying job that will provide all the funds necessary to pay off all their debts is frequently cited.Peer pressure to party and to enjoy the good life can also be a factor excessive credit card debt among college students. Soon the credit card bills are being paid with funds that were meant for books, lab fees, tuition and housing. Using student loan money to pay high interest debt is really just plain stupid. The end result of which frequently means the student must drop out of college. In some cases these excessive debts are passed on to the student family which is already strained by the costs of providing an education to their son or daughter.Dropping out of college should be avoided if at all possible. A possible option that may be able to address credit card debt among college students is a consolidation loan. Consolidation loan programs are available that will consolidate all the students loans including credit card debt into one loan package. It goes without saying that the student will have to cut up their credit cards and live on a cash basis through graduation.In most cases college students leave home very poorly prepared to handle their own financial affairs. Some have never used or balanced a check book and many have not saved for their own college education. In many cases a financial crisis such as defaulting on a credit card can be a good educational experience. On the bad side credit card debt among college students can cause a student to drop out of college and ruin their credit rating.Many students do not even know what a credit score is and many do not care. Even graduating from college with honors may be negated by a poor credit rating when looking for a job. The best thing to do is not own or use a credit card while in college. Living on a cash basis is a much better path to graduation that will provide better money management skills that will last a lifetime.