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Ban could reduce South Carolina student's credit card debt

Although many South Carolina college students are financially responsible, credit card debt can quickly add up, especially when it comes time to purchase books and pay miscellaneous expenses related to school. Many parents struggle to pay everything associated with college, so many students often take jobs or even seek out credit cards to help them. However, credit card debt can make it difficult for students once they graduate, especially if the amount is high enough.

Many colleges across the nation already ban card companies from entering their campuses and soliciting their students. Other colleges have enjoyed a mutually beneficial relationship with these companies, often at the cost of a student's financial future. One university alumni association earned over $4 million from a marketing agreement with at least one company. Other campuses also earn money from these types of marketing agreements, but where does that leave their students?

In New Jersey, pending legislation would stop colleges from benefitting from marketing agreements with credit card companies soliciting on campus. If the legislation passes, it may encourage other states to look into their policies concerning the practice. Students who sign up for credit card agreements on campus may be taken by surprise when they realize how much interest they are being charged. It could become difficult for them to dig out of their debt when this occurs.

South Carolina college students who end their school years with credit card debt should know they always have the option of bankruptcy protection. Speaking to someone knowledgeable about filing could help them fully understand what avenue would suit their unique situation best. Credit card debt can overwhelm students who may not be earning a good living immediately. With student loan debt already likely, credit card debt can be something that can cause them even more financial stress.

Source: TheDailyJournal.com, "Ban on credit card companies at colleges advances," Carol Comegno, Dec. 24, 2012

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