Debt is an epidemic that stretches across all social and economic classes, falling especially hard on those who may or may not have a steady method of repayment or may lack the responsibility necessary to control their debt. This includes both high school students and college students. In short, those that are most likely unaware of the dangers of credit card debt.
More and more these days, college students are finding themselves wounded 'round with the particular thorny problem related to credit cards. Unable to extricate themselves, they usually end up simply getting caught tighter. Whether it has to do with the irresponsible 'free money fallacy' or more understandable financial difficulties, ie tuition, fees, room and board, car payments, etc., college students are often hit the hardest by debt.
Often as not, college serves as a young person's first taste of independent life away from home and away from the moderating influence of parents and family. This can lead to many different types of problems, including and often especially those relating to the student's financial status. Money can be tight, especially if the student does not have a job, or only has a part-time job and a credit card may seem like the optimal solution to this problem.
Unfortunately, it rarely is. Rather, a credit card brings with it a whole new set of problems. For a college student unused to the responsibility of a credit card, credit could easily replace cash as their payment of choice, leading to a mushrooming of debt in record time. Too, credit cards are often used to pay off the numerous fees that college requires, as well as tuition. This is unfortunate, but often necessary and it too can lead to a large, immediate debt. And if the student has no way of repaying the debt, if they have no source of income and no job, that debt can quickly spiral out of control and into dangerous proportions.
So, whether through irresponsible spending or unnecessary necessity, a college student can quickly find themselves in a web of credit card debt. The question then is, how are they going to get out of it?
Short answer: the same way everyone else does. They have to pay down the debt as quickly as possible without accruing any more. This may mean finding a part-time or full time job or even a paid internship if they're lucky. Something-anything-to bringing bringing money in. Too, they must stop using their card if at all possible. If they already have a job, then they must begin formulating a budget that will enable them to begin paying back their debt as soon as possible.
In a lot of ways, college is the best time to be afflicted with debt, though it can often seem to be anything but. College students typically have little in the way of outside expenses, ie mortgages, hospital bills, etc. and can turn most of their money towards paying down their bills in a timely fashion.