College Credit Card Debt Tips for Parents and Students 

The college credit card debt is skyrocketing.  It does not help that the tuition and other costs are rising so some have credit card debt as high as $7000.  They use plastic to buy textbooks and other school expenses.  No wonder the amount charged has gone up from $942.00 four years ago to $2200.00, on the average

Parents have to prepare their children to avoid the college credit card debt.  This is the best thing they can do.  Talking about it before college will be of help but this has to be done regularly.  Plan a time to do this on a weekly basis as the talk will involve not only calculation of fees and interest rates.  Here are the tips for parents:

  • It will be useful to co-sign a credit card with the child as soon as he is mature enough to understand about finances.
  • Show the student how to get a credit card with no annual fee and a low limit.
  • Talk to the student the terms of the credit card like the interest rate on what you buy and on advances as well.
  • Help the student keep a record of purchases so that he will not go over the limit for doing this may increase his interest rate on everything else he buys. Tell him also to avoid making cash advance as this incurs interest rate the moment you get it.
  • Every month when the statement arrives, check each purchase against your list. Point out the due date, the minimum payment due, and the full balance. Explain to him that if it is not paid in full, it will carry an interest rate which sometimes is double digit. The same is true if it is not paid on time.
  • Show what a good role model you are by exercising restraint in what you buy and in avoiding penalties.
Tell the student to make sure he understands the messages he receives in advertisements. He will have to comprehend the difference between what he needs and what he wants. This will prepare him to make wise decisions and will be better prepared to resist the lure of money.

Now how about the students?  What do they have to do to avoid the financial mess of a high college credit card debt?  Resist the temptation to sign up for credit cards just because they will give a t-shirt for it.  It is better now that colleges and universities are restricting the marketing of credit cards on campus.  Here are the tips for students:

  • Get only two credit cards for each one will carry some work for you. You have to record the fees, balances, interest rates, list of purchases and due dates.
  • The magic of compound interest will work against you when it comes to credit card debt.
  • Be careful what you buy. If you can't pay for it in full at due date, even what you buy on sales could double the price down the road.
  • To get out of college credit card debt, stop using the plastic money, pay on time and pay more than the minimum. Pay off the card that incurs the highest interest rate and minimum only on the others. Then go to the card with the next highest rate.
  • Forgetting to pay on time will impact your credit score which will take years to correct.
  • If you need help, talk to someone trustworthy. Avoiding the statements will only make matter worst.
  • Use the card wisely. Be responsible with your finances and you will be fine.

Credit card is a tool that you can use to your advantage for it is convenient to have around. If used responsibly by following the tips, you will build a credit rating that you will need in everything you do, be it buying something, renting or in buying a house. You will get the best deal all the time when you avoid college credit card debt.

How about you? Do you know of any other tips regarding college credit cards? Please share them with us in the comment box below.

By Roger Guzman, M.D. and Evelyn Guzman Tell a Friend

Try this Proven System that helps people fight off debt collectors and Credit Card Companies. It is guaranteed for 60 days or your money back, a full refund.

Refresh Article 88 College Credit Card Debt Tips for Parents and Students

Return from Article 88 College Credit Card Debt Tips for Parents and Students to Debt Challenges Home Page for the Disclaimer.

Don't Miss Reading These Related Posts.

Bad Debt Credit Card, Know When To Borrow

Credit Card Debt Relief, Our Goal

Credit Card Settlements, Safe or Sound?

Credit Card Debt Information - Honesty Is The Best Policy

Credit Card Debt Help Is For Everyone

Avoid Credit Card Debt - A Tale of One Survivor

Bad Debt Credit Card - How To Get Your Credit Back

Reduce Credit Card Debt In Four Easy Steps

Site Map of Debt Challenges for Easy Navigation

If you want to make any comments or other feedback, please fill in the contact form below so I can send you my email address. This is to avoid spam.

Contact Us

Please note that all fields followed by an asterisk must be filled in.

Please enter the word that you see below.


Please sign up for our free ezine entitled “Save and Earn Money” Newsletter.   We will publish this once a month where you will read about some encouraging news, positive experiences from others who want to share them with you.   And you can unsubscribe anytime.  Just sign up in the form below.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Save Money Today.

Page copy protected against web site content infringement by Copyscape

Copyright 2014 Roger Guzman, M.D. and Evelyn Guzman All rights reserved.