Life is too short to worry about spending all of your time and money that you have invested in your career to pay off credit card debt from college. One day some or most of you will be heading off to college and will hopefully want to make wise decisions about credit card usage, maybe the best decision is to stay away completely! Although many students believe that they will be able to handle the responsibility, credit cards will create a path to what can kind of become a slippery slope. Other dangers include creating a bad credit profile for yourself and ending up thousands of dollars in debt at such a young age.
First, to start off, don’t involve yourself in what is said to be a “slippery slope”. This is a metaphor for getting oneself into …show more content…
Nobody ever told you how important it is that your credit profile is not completely destroyed when you leave from college. A credit profile is an official report that contains information and details about your credit history. WiseGeek.com says, “Credit Profiles are used by lenders and other agencies which offer credit to determine someone 's creditworthiness, and they are also utilized by prospective landlords and other people who might have an interest in someone 's credit history.” Creating a poor profile for yourself can be bad because you can then be labeled as a financial risk. A Profile is also used to determine the interest rates you pay for many forms of credit and insurance. Credit Agencies will then use your profile good or bad to make a credit score for you. Negative effects of a low credit score involve; difficulty in filing for loans as well as trouble with renting apartments, even potential strains on personal relationships. This does not seem like a positive manner to begin your young adult life.
Lastly, dealing with debt in college is not always a smooth experience and can cause more issues than you think at such a young age. For most students dealing with debt is part of their college experience that most will probably go through. Scott S. Matthew says that “A college student paying $40 monthly on a credit card balance of $2,000 with an interest rate of 19 percent will
First, to start off, don’t involve yourself in what is said to be a “slippery slope”. This is a metaphor for getting oneself into …show more content…
Nobody ever told you how important it is that your credit profile is not completely destroyed when you leave from college. A credit profile is an official report that contains information and details about your credit history. WiseGeek.com says, “Credit Profiles are used by lenders and other agencies which offer credit to determine someone 's creditworthiness, and they are also utilized by prospective landlords and other people who might have an interest in someone 's credit history.” Creating a poor profile for yourself can be bad because you can then be labeled as a financial risk. A Profile is also used to determine the interest rates you pay for many forms of credit and insurance. Credit Agencies will then use your profile good or bad to make a credit score for you. Negative effects of a low credit score involve; difficulty in filing for loans as well as trouble with renting apartments, even potential strains on personal relationships. This does not seem like a positive manner to begin your young adult life.
Lastly, dealing with debt in college is not always a smooth experience and can cause more issues than you think at such a young age. For most students dealing with debt is part of their college experience that most will probably go through. Scott S. Matthew says that “A college student paying $40 monthly on a credit card balance of $2,000 with an interest rate of 19 percent will