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Students and Credit

College students are going into serious debt more and more often. This debt has little to do with their educational costs and more likely was used to finance lifestyle and basic expenses. Students are targeted by the credit card industry who can often be found around campus offering a free gift to sign up for a card.

Imagine finishing all that school and finding a well-paying job just to find out that credit card bills and student loans are going to eat into half of your income. Credit cards can be a helpful, essential tool in a students life, if used wisely and prudently. Finding a card that is a good value is difficult when you have little or no credit so a debit card may be wiser in this situation. Debit cards allow you too only spend what you have and there is no interest paid but there are overdraft fees so it is important to keep track of your balance. Overextending yourself with student loans can seem ok at the time but will hurt when repayment time comes around. Try to use student loans only for school costs if possible to avoid burdensome debt upon graduation. Incorporating a budget into your life is an easy way to keep control of your expenses and avoid the credit hole that is afflicting so many college students these days. Working an off campus job is always a smart idea. Just a little bit of extra cash can help with any unforseen expenses and keep you busy a few nights a week.

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