Living on Borrowed Money

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For the average college freshman it is almost easier to get a major credit card than it is to get a Starbucks rewards card. Lynn, a 19-year-old sophomore, was forced to drop classes when she had to take a second job to pay her mounting VISA bill. Kyle, a recent graduate, stares at a pile of rejection letters from prospective employers.


These people all amassed credit card debt while in college and are now living with the consequences. Student credit card use can cause academic failure, career damage, and a lifetime of physical ailments.
Students that are forced to sacrifice their study time for employment are going down the dead end road to disaster. As a student, I can confirm that college is a full time endeavor. Working beyond that, though sometimes necessary, can only detract from your study time and result in a lowered GPA. Making extraordinary efforts to pay a mounting credit card bill will come at the expense of your academic standing. The result will be dropped classes and the potential of academic probation that threatens your ability to get financial aid. These distractions will be the recipe for a failed college experience.
For those students who are lucky enough to escape college with a degree, credit card debt and missed payments can continue to haunt them. It is routine for employers to do background checks on applicants that include a credit report. Recent graduates may have a history marred by missed payments and overdue bills. Lynn Nemser, president of a leading management consulting company, says that it is assumed that people with a poor credit rating are less honest and more likely to steal ("Guess Who's Looking"). ...
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