Prime Rate Credit

There is a lot of awareness out there, especially for college students with credit cards, that the likelihood of every one of us, especially thos more in financial need, such as college students, are bound to misuse credit cards, or over-use them, at some point in our life. Heck, there is increasing awareness and pushes for anti-credit card education, or at least “smart credit card use” education for many college students who have at one time gotten in over their head with credit cards and found that the cycle of revolving debt is not so fun once you’ve spent the money and the bills start pouring in, and keep on pouring in for months after that money has been spent.

Because of the potential dangers of college student credit card use, senate hearings have determined that the best place to start and prevent this type of abuse, and what some say is the financial industry’s fault for preying on the financially needy when they are simply still too naive to understand the repercussions, is to start the education in the schools themselves, of how to stay out of the revolving credit card debt doors as best you can, and work with what you have, or try to secure lower interest, non-revolving loans elsewhere instead of relying on the plastic monster all the time.

I learned the hard way, as a college student, I thought, oh wow, how cool is this? I have this piece of plastic and I can go out and buy all my food, gas, a new stereo system - heck, whatever I want, and all I have to pay is the minimum payment every month, which I can definitely swing! And then reality set in. Not only did I charge several cards past their maximum limit, but I then found that I had maxed out cards and nothing tangible to show for it! I’m glad that college students will now at least have the opportunity to be educated in an open forum about the dangers of credit card overuse in college, I sure wish I had someone who sat me down and talked to me about it at that age!