In this hub, I am going to talk about student credit card debt. While student credit card debt might not be an issue as big as adult credit card debt, it is something that we should look into as well. After all, these students are going to be adults someday and it is much better for them to cultivate good credit card management habits while they were still students. I am going to tackle the issue of student credit card debt from my own experience, give a more in depth explanation about the student credit card issues and several practical ways to get out of student credit card debt. 

The author of Rich Dad Poor Dad once said that being a middle class is sometimes worse than being poor because if you are poor, you do not have any money but at the same time, you do not have any debt as well. So, you can always improve your life by earning more money. However, if you are born into a middle class family, the amount of debt you have exceeds your income. So, whatever extra money that you make has to be used to pay up your debt. Debt is probably the worst financial instrument ever conceived. Of course, I had my own fair share of student credit card debt experience as well. During my undergraduate years, I had to work in the cafeteria in summer although I did not like it. I forced myself to sign up for shifts to earn extra income because I had used my credit card to purchase a lot of clothing from the shopping mall. Sounds trivial but it isn't! If I had controlled my buying urge at that time, I would not have to spend my time doing things that I did not like.

How do students get into credit card debt in the first place? The answer is really simple. Banks and credit card companies have been promoting a culture of consumerism even at the undergraduate level. Naive students (especially freshmen) who came to the university were approved for credit cards instantly because these companies knew that parents would pay for their children credit card debt. That is how the vicious student credit card debt cycle was formed. They spend and parents pay for it. My mother used to pay for my credit card debt until she decided that enough is enough and I was forced to look for part time jobs to pay up the credit card debt. But looking back, that was probably the best decision that she had ever taken.

Now, I am going to talk about several ways to get out of student credit card debt.The first thing that you can do is to stop purchasing on credits. Cut your debt as early as possible. Next, get a part time job to earn more income and before you decide to spend the money on anything, pay yourself first by saving a portion of the money whenever you receive your paycheck. Use the money that you had saved as an emergency fund and pay down the balance on your credit card. Last but not least, convert all credit cards into debit cards and for once, start living below your means so that you do not get entangled into another cycle of student credit card debt.

That is all you need to know about student credit card debt. Compared to adult credit card debt, it is probably not that serious and you will be able to get over it with a little bit of work.

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Student Credit Card Debt