“Destination: Debt” is an amusing, yet informative documentary of sorts, and focuses on credit card companies and the ways in which they adversely affect college students. You’ll see student interviews and other stuff.
The Debt Adviser, Steve Bucci, (the author of “Credit Repair Kit for Dummies”) answers a question about student credit card debt.
Even in collections, bad debt mounts - ScrippsNews
I am currently a college student working toward my master’s degree. Last summer I was offered a credit card with a somewhat large limit ($2,500). Well, unfortunately, I managed to max it out by the end of the summer because I had a job at the time and thought I could pay it off. When school started, my income became very limited. I only had money to pay for rent and food, nothing else. As a result, I let the credit card go and have never really answered the creditors’ phone calls. A couple days ago, a new phone number started calling me and I think they sold my debt to a collector. I do not know what to do. Right now I could only afford to pay $50 a month at the most. I am so confused and feel so helpless. Please help me.
P.S. I will never do this again. I definitely learned my lesson. Thank you.
_ Jess
Study tracks student use of credit cards - CNN.com
A new study released by the American Council on Education gives some new insight on how students used credit cards. The study analyzed data from 2003-2004.
More than 40% of cardholders carry a balance. The study found that students frequently used their credit card to pay tuition. Students that used a credit card to pay tuition were more likely to carry a balance from month to month than those that don’t.
What is surprising is how many college freshman (37%) are already carrying a balance. The study found that 48% of seniors are carrying a balance.
When Teens Get Credit Cards - Kiplinger’s Personal Finance
I talk to a large number of high school business and consumer-education classes. Two to three students in each class already have their own credit cards, in their own name and without the signature or permission of a parent. None of them is over 18.
How can the credit card companies do this and not run afoul of federal regulations about contract age? Can the credit card companies go after the parents if the teens can’t (or won’t) pay?
Student Credit Cards - Leading Website Guides Consumers
Closed Published May 11th, 2006 in UncategorizedAn increasing number of college students are interested in obtaining credit cards. In addition, credit cards for college students have a number of advantages and can go a long way in teaching a responsibility to a young adult. Yet, many consumers are still confused about how student credit cards (http://www.creditcardassist.com/student/creditcards.html) work, about why they might want to acquire one, and what to look for when choosing a student credit card. CreditCardAssist.com, a leading online credit card resource directory, is making this process easier by providing a comprehensive source for those interested in student credit cards.
Often, young adults are attracted to student credit cards because they provide them with a sense of maturity and make it possible for them to make purchases quickly and easily. In addition, credit cards for college students make it easier to establish and build a credit history, which can be otherwise difficult for young adults. CreditCardAssist.com guides consumers through the many different available college credit cards and how to successfully build a credit history.
CreditCardAssist.com also provides college students with valuable information regarding the differences between unsecured and secured student credit cards. The company provides articles regarding the pros and cons of each type of card. Unsecured student credit cards are those that extend a line of credit to the cardholder, which is advantageous to college students who cannot afford to pay for the items they need beforehand.
Secured student credit cards have money placed on them, similar to a debit card. These cards assure that the student will not accumulate a large debt or fail to pay back a debt, which can ruin the student’s credit. On the other hand, CreditCardAssist.com cautions that secured credit cards are generally accompanied by large fees. According to the site, both unsecured and secured student credit cards can help establish a solid credit history if used wisely.
CreditCardAssist.com provide consumers with a wealth of information on a variety of different credit card types, including student credit cards. On the site, students and their parents can view numerous secured and unsecured student credit cards. Here, they can choose the card that best fits their lifestyle and needs. CreditCardAssist.com advises looking closely at participation fees, annual fees, and interest rates when determining which card is best. In addition, CreditCardAssist.com warns that student credit cards do not always report to the major credit bureaus. Therefore, it is important to select a card that does report to the bureaus if one of the goals of obtaining a student credit card is to build a credit history.
According to CreditCardAssist.com, student credit cards offer many of the same benefits found with other credit cards, such as purchase protection and extended warranties, but there are generally less benefits with student credit cards than with other cards. In addition, some student credit cards offer reward programs and cash back incentives. Therefore, it is important to look at all of the benefits of student credit cards before selecting one.
Los Angeles based CreditCardAssist.com is dedicated to offering consumers a comprehensive source for student credit card information. For more information, visit the company’s Web site at http://www.creditcardassist.com
Money Tips For College-Bound Students, Parents - TurnTo23.com
Parents, Read This Before It’s Too Late!
Millions of new college students are preparing for a fresh chapter of personal independence when they head for campus this fall.For most freshmen, it will be the biggest taste of freedom that they’ve ever experienced: No one around to blow the whistle on 3 a.m. pizza parties. They’ll be free to bag that crack-of-dawn English class and sleep in until noon.
