Consumer Credit Card Spending

I’d like to personally thank Angie for her comment on credit card debt and college spending. To summarize, Angie discusses how credit cards are on the bottom of the list of worries for college students. I agree that many students are “lucky” enough that credit cards are on the bottom of the list of financial worries. Still, you have to remember many students pay for EVERYTHING with credit. These are usually the students who have no job, no savings, no support. Most students will not resort to credit card spending until after their financial situation has really deteriorated and they have no other avenues to survive. (For a good portion of students this is an unfortunate reality)

Many of my friends from college, including myself, will use every single penny in their name before moving on to the credit spending. This is because the majority of students know the risks of credit card debt. The problem is that these bills amount so quickly, that by the time they realize they are over their heads in CC debt it is too late. As well, many students have troubles keeping to their budget and will splurge on certain items from time to time. That will add up!

When I was in college I used every bit of cash I could find for food, drinks, entertainment, and transportation. When it came to the larger ticket items (books, travel, dorm supplies, etc.) I just didn’t have the cash resources available, so I had to use credit cards in order to survive. I think this may be a typical situation for college kids who are without financial support.

I agree with Angie’s point that keeping a job is very difficult in college, but most of my friends had some sort of part time job so that they could afford to eat and go out once in a while. I had many days where I would attend 3-4 classes in the morning followed by work till 10pm.  It isn’t fun, but you have to do what you have to do to survive and get your degree.

There is nothing easy about college… the educational, social, and economic pressures all hit you at once. This is usually the time in life you realize you are responsible for your own financial decisions, and that can be very stressful. Luckily when college is over you may have positioned yourself to move up the financial ladder and hopefully repay your debts.

To read the whole comment you can click on Angie’s Comment Here.