Student Credit Card Debt - What to Do to De-Stress College Life and Beyond

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Student credit card debt is mind boggling to say the least, but it can be prevented by looking ahead and checking to see what is in the future for you - not just the good stuff, like getting a job and having money of your own but also the pitfalls that could throw you off if you're not careful.

You don't want to graduate, after working hard researching endlessly in the library and overnighters of cramming for exams to find out after you graduate that along with your diploma is a student credit card debt statement so massive you don't know where to start. And now when you thought your hard work is over, you find you'll toil overtime to pay for this debt.

Here we will provide some tips on how to avoid this financial trap. For that is what it is, plain and simple. According to Nellie Mae, one year, students had an average of three cards, 78% had at least one, 32% had four or more and 95% of graduate students had credit cards. So let's see how we can avoid this and learn the tips to do so:

  • Keep a record of all the credit cards in your possession including the fees, interest rates, due dates, balances and purchases. You can get all this information from their website.
  • As soon as you know you can't pay for the bill, stop using the cards. This is the only way to get out of debt. Pay more than the minimum if you have balance on any of the cards.
  • If you have more than one card with a balance, pay for the one with a higher interest rate first. Then go on to the next.
  • Responsible use of the card should be learned. Think of how this can be done so you don't get into trouble.
  • Keep your credit score clean for it can spell the difference between living affordably and forking out more money in the form of interest in everything you buy.
  • If you think you are at the end of the rope, talk to someone you respect and trust. Keeping it within yourself will not make it go away.
  • Compound interest is good when it is working for you like in savings account and investments but it is bad when it is working against you like in student credit card debt. Even buying on sale or at a discount does not help as the compound interest could easily double the price.

There you have the tips that will help you live the dolce vita. For that is what you should have. You should only worry about tomorrow's exam or the paper that is due next week. You should not have to worry about your student credit card debt.


The implications of the massive debt that could accumulate is horrendous. Some have even dropped out of school in order to get a full time job to be able to pay for what is owed. Some are able to stay in school but at what cost. The credit score is ruined and so this affects how you can rent an apartment, buy insurance and furniture and perhaps a good job to pay off the debt.

Then there is the psychological effect. The financial stress could lead to broken relationship, depression and in some cases it can drive one to suicide. Don't because there's help out there. There's always a silver lining at the end if you talk to a friend and exercise determination to stop increasing your student credit card debt.

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Copyright © April 11, 2008 Roger Guzman, M.D. All Rights Reserved.