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Columbia students may struggle with credit card debt

College students in Columbia and across South Carolina have enough to worry about without added stress about debt. While many parents bear the costs of college for their kids, extra expenses begin to add up, and this can cause headaches for students who should be focusing on their courses. With those added costs, many students may think about applying for credit cards. While cards can help build credit histories for young adults, they can also come with potential troubles in the form of credit card debt.

With the federal Credit Card Act currently in place, getting a credit card is not as easy as it used to be. To be approved for a card, students will either have to prove they have sufficient income to pay their debt off or they will obtain a qualified co-signer. With the new standards in place, parents have more of a say on whether to allow their college-age child to use credit.

However, some students who work while going to college can obtain credit cards. While some students pay their balances in full each month, others apply for too much credit and find themselves in serious credit card debt by the time they finish college. Also, co-signers for those cards can find themselves in debt if the student fails to pay in a timely manner.

However someone lands in credit card debt, the added stress of trying to pay it off each month is often difficult. For people struggling to make ends meet without any realistic plan to achieve it, options such as bankruptcy exist. Bankruptcy can help by discharging most debt and offering a new financial start. In those circumstances, Columbia students just graduating from college will have the opportunity to focus on what is most important instead of worrying about how they will continue to manage under massive debt.

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

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Reed Law Firm, P.A.
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Suite 301

Columbia, SC 29210

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