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Don't Pay for College on a Credit Card

Credit cards can be a good way for parents and students to help manage money while in college and to handle emergencies. But if credit cards are not used carefully, students can rack up credit card debt, often with a high rate of interest. This can lead to financial hardship - often causing students to drop out of college - leaving them with no college education and a mountain of debt.

Current Student Credit Card Picture

Before You Apply for a Credit Card

Ten Ways to Manage Your Credit Card

For example: Suppose you have a balance of $2,500, an interest rate of 19.9%, and your minimum monthly payment is $50. Assume you never use this card again and continue to make the minimum payment. Any idea how long it will take you to pay off your debt?

It will take you 9 years and 1 month to pay this credit card off by paying the minimum. And you end by paying $5,450 for $2,500 in purchases.

These links can help you better understand credit, credit cards and the impact debt can have on your life:

US Federal Trade Commission

National Federation for Credit Counseling

Money Matters for Students