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South Carolina university students should avoid credit card debt

In the back-to-school season, it is quite common to see credit card companies prowling the campuses of major universities, looking for potential new customers to sign up. However, South Carolina students are urged to think twice before agreeing to sign up for a high-interest card. To do so is to risk falling into credit card debt, one of the most notoriously difficult forms of debt from which to escape.

According to recent studies, over 80 percent of all American university students carry some form of plastic, which means they are very likely to be carrying some form of debt as well. Quite often this is a result of a lack of education on the part of the students. Many young people sign up thanks to promotional efforts on the part of the company without fully understanding the obligations they are taking on.

This is not to say students should not have a credit card -- indeed, it is almost impossible to build a credit score any other way. But it is vital for students to approach the use of such a card with a degree of planning and responsibility. A failure to pay on time, for example, can lead to an increase in interest rates, which can in turn lead to bad credit history.

Obviously, credit card debt is unavoidable for some people, students included. South Carolina students facing credit card woes should become educated on how to restructure their debt in order to help pay their outstanding dues. There is always the option of filing for bankruptcy, which is an effective way of erasing many debts and helping students get back on their feet.

Source: indianapolisrecorder.com, Credit card debt and the college student an unhealthy cocktail, Jesse Brown, Sept. 5, 2013

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