Help! Student Credit Card Debt
Every bank sets up booths at every college, trade school or university trying to sign up the students to their credit cards. They know that men and women have only a certain amount of room in their wallet or purse for credit cards. It is a race to be one of those cards. They push the instant credit available on the card. Use the card to upgrade your lap top, pay the balance owing on your tuition or buy better supplies. The banks do not care. The interest rates on the cards are high. The banks want to train the students to pay only the minimum monthly payments rather than paying off the credit card in full each month. That is how the banks make money. Later on when the student graduates and gets a job, the bank will increase the credit limit on the card to induce the former student to buy even more “stuff” such as a new TV, better computer, even their own apartment (with the new furniture that is required). Now the balance owing on the credit card is so high that option of paying off the balance in full no longer is possible. The minimum monthly payment becomes a way of life. The banks love it!
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.