Connecticut College Students Should Be Weary Of Credit Cards

When young adults graduate from high school and begin their college careers, money is not always at the front of their minds. In the past, some college students in Connecticut and across the country succumbed to temptation by accepting credit card offers, only to later find themselves knee-deep in credit card debt by the time they graduated. With the federal passage of the Credit Card Act a few years ago, it is more difficult for college-age students to receive a card. But difficult is not the same as impossible. Now, the standards to get credit cards are more stringent.

Students under the age of 21 can still get a credit card, but they either have to show proof of a sufficient income or they must have a co-signer. Since parents are the people who will most likely co-sign for their children, they now have more say in the credit card decision. Some students, though, turn to an older brother or sister to co-sign. Some students are able obtain to obtain credit cards by proving they have sufficient income. While many are responsible and pay their balances in full every month, others end up with staggering debt.

While credit cards can help a Connecticut student show responsibility and good financial sense, they can also get some students -- and those who co-sign for them -- into trouble. A student who graduates from college should be allowed to feel good about that moment and not have to worry about how they'll pay their credit card debt off.

For those young adults who find themselves facing overwhelming debt, bankruptcy could be an option that would stop creditor calls and harassment, while giving them the opportunity to rebuild their credit while they are still young. While every circumstance is different, those whose credit obligations have gotten the better of them would do well to meet the problems head-on as part of a plan to reach financial stability.

Source: CharlotteObserver.com, "Credit cards abound for collegians," Dave Carpenter, July 12, 2012