Credit card companies have increasingly begun to focus specific marketing schemes directly on the college student population in the United States.
Because students often struggle with the high costs of school, may be more prone to spending money out, and may not have the income to pay off their balance every month, they are an ideal target for creditors looking to increase profits.
Unfortunately, promoting credit card use among college students can in some cases lead to irresponsible spending and large amounts of debt that can hurt a student's credit rating and financial situation for years to come.
Recognizing Promotion Scams Many credit companies have started to set up promotional tables on campuses or near campus in places that receive high student traffic.
They typically offer some kind of "reward" for stopping by and filling out a credit card application, such as pizza, restaurant coupons, coffee mugs, and more.
Some companies resort to even more devious measures and may post signs offering a free prize for filling out a "survey", which turns out to actually be a credit application.
While many students may recognize the trap, some will inevitably sign up for the card, thinking that they will just cancel the account later.
Unfortunately, some students will begin to use the card and may even have multiple cards with balances, which build up interest and quickly become a debt trap.
Using Your Card Wisely Credit cards can be an effective tool for certain purchases, but they should be used sparingly for important planned purchases or emergencies only.
Using a credit card to go on a shopping spree, for daily meals out, or other unnecessary purchases can land you in financial trouble.
Instead, consider using a debit card linked to your checking account for food, rent, bills, and entertainment.
This will prevent you from spending beyond what you can afford.
For school costs such as tuition, room and board, and books, consider applying for a loan with a local credit union.
Credit unions are non-profit financial institutions that offer loans with lower interest rates than bank loans and much lower than the interest rate on credit cards.
For More Information Knowing how to take advantage of a credit card without it taking advantage of you is a powerful lesson that can help you avoid years of financial problems, stress, and misery.
To learn more about controlling your debt and building a secure financial future, please visit the website of experienced New Orleans debt negotiation attorneysKervin & Young, LLC today.
Because students often struggle with the high costs of school, may be more prone to spending money out, and may not have the income to pay off their balance every month, they are an ideal target for creditors looking to increase profits.
Unfortunately, promoting credit card use among college students can in some cases lead to irresponsible spending and large amounts of debt that can hurt a student's credit rating and financial situation for years to come.
Recognizing Promotion Scams Many credit companies have started to set up promotional tables on campuses or near campus in places that receive high student traffic.
They typically offer some kind of "reward" for stopping by and filling out a credit card application, such as pizza, restaurant coupons, coffee mugs, and more.
Some companies resort to even more devious measures and may post signs offering a free prize for filling out a "survey", which turns out to actually be a credit application.
While many students may recognize the trap, some will inevitably sign up for the card, thinking that they will just cancel the account later.
Unfortunately, some students will begin to use the card and may even have multiple cards with balances, which build up interest and quickly become a debt trap.
Using Your Card Wisely Credit cards can be an effective tool for certain purchases, but they should be used sparingly for important planned purchases or emergencies only.
Using a credit card to go on a shopping spree, for daily meals out, or other unnecessary purchases can land you in financial trouble.
Instead, consider using a debit card linked to your checking account for food, rent, bills, and entertainment.
This will prevent you from spending beyond what you can afford.
For school costs such as tuition, room and board, and books, consider applying for a loan with a local credit union.
Credit unions are non-profit financial institutions that offer loans with lower interest rates than bank loans and much lower than the interest rate on credit cards.
For More Information Knowing how to take advantage of a credit card without it taking advantage of you is a powerful lesson that can help you avoid years of financial problems, stress, and misery.
To learn more about controlling your debt and building a secure financial future, please visit the website of experienced New Orleans debt negotiation attorneysKervin & Young, LLC today.