Education

Reasons to Obtain a Student Credit Card for Bad Credit

posted by Chris Valentine
Using a Student Credit Card for Bad Credit makes more sense than it appears at first glance

Photo by CC user PixelMakerEric on Pixabay

College is a time of fun, education and for many extreme cases of debt. In fact, studies have shown that one in every four college students will leave with over $5,000 in credit card debt, with everyone in 10 having over $10,000 in credit card debt. If you are graduating from community colleges Maryland and trying to obtain your first “real” job this debt may prevent you from being able to obtain the things that you need. Additionally, chances are that on top of the other expenses you have you will not be able to cover the credit card debt, which will increase interest rates, fees, and other charges. However, if you find yourself in this situation there is help. Student credit cards bad credit may help you get the credit you need and help you get out of the debt you have obtained through the college years.

The Credit Trap for College Students

There is one truth about credit card companies: They pursue unsuspecting college students. There are several reasons for this.

  • You are unlikely to have help if you run up a massive credit card bill.
  • You will be indebted to their company for many years.
  • They will be able to squeeze massive amounts of interest and penalties out of you.

In the past, many credit card companies would even approve students when they did not meet the minimum criteria just for the potential for years of debt and payments. However, recent laws have made this illegal, saving some college students from themselves.

There are many credit card companies that are featured on school campuses. However, you should keep in mind that they have likely paid the college a large royalty for advertising their product. Additionally, each time a student signs up, the college receives a kickback.

Using Credit Responsibly

If you use credit responsibly, you will have nothing to worry about. However, with the rising cost of practically everything you may find this easier said than done. You may plan to only use the credit card for emergencies, however, chances are this will not be the reality. Before you know it you will find yourself in extreme debt, which will likely affect your credit card for the rest of your life. There are some students that may not understand the importance of good credit now, but when it comes time to purchase a car or a home they will realize how important their credit score truly is.

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