A new report released Wednesday, titled " Young Adults, Student Debt and Economic Well-Being ," details a growing wealth gap between those in debt and those who are not.
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. All of these are important life lessons that no professor is likely to teach.
Specifically, no graduate student is going to grade you on how well you handle your first credit card. This is another one of those lessons that many of us end up learning in the school of hard knocks.
Not sure where to start?
Take a look at the information below for more details about the five common credit card mistakes that college students make — and how to avoid them.
This will give you practice with establishing good credit habits like managing spending, paying bills on time, and staying out of debt without the pressure of having to juggle multiple cards.
Avoid this credit card mistake by invoking a mantra you probably learned in high school — just say no. Getting my first credit card: What every student should know 2. Not tracking spending Because credit cards are accepted nearly everywhere these days, tracking your spending on a credit card can get a little cumbersome.
Over time, this could lead to a pretty hefty debt that will be tough to pay off. Failing to pay your credit card bills on time could seriously damage your credit score, and moving into your adult life with less-than-stellar credit is going to make it difficult to get a home or car loan.
Your future self will thank you for being so responsible! Avoiding credit cards altogether With all the traps and tricks that credit cards put in our paths, it might be tempting to just avoid getting a credit card altogether. Not all lessons need to be learned the hard way.
Use the tips above to avoid common credit card mistakes!Student journalists spent several months examining unemployment and debt among millennials, and how those issues were related to higher education.
10% Americans between the ages of 18 and 24 are nearly 10 percent less likely to have a job now than they were a . Winning Scholarship Essay Tips; Scholarships for Engineering Students; Dealing with Credit Card Debt Don't add to your after-college debt by loading up on credit cards.
One cause of credit card debt is college students’ difficulty in adjusting to their newfound financial independence. Feb 21, · Student loan debt now totals over $ trillion.
Student loans are a sore subject among college students, especially with steady increases in tuition . How to Pick a Good College Essay Topic.
February 23, Reducing Student Loan Debt; How to Pay for Graduate School; Discover received the highest numerical score among credit card issuers in the proprietary J.D. Power Credit Card Satisfaction Studies, tied in study based on responses from 20, consumers. Retrn o ae o onen Majoring in Money: HOW AMERICAN COLLEGE STUDENTS MANAGE THEIR FINANCES Conducted by Ipsos Public Affairs Sallie Mae’s national study of college students .
Apr 12, · Even after lawmakers made it harder for banks to give college kids credit cards, credit card debt is still a big problem on U.S. campuses.
A new study pinpoints the simple, frustrating reason why: Students don’t know anything about the fundamentals of credit card use.