While some may think that acquiring your first credit card is a Rite of Passage, college students may want to think twice. Not only are they being targeted for new accounts, the high interest rates they are receiving are adding to the problem. With the economy remaining stagnant and job growth lagging even further behind, most college students these days have found themselves deep in debt even before graduating. This debt is no longer due to student loans but also includes large amounts of credit card debt. As this article in DailyFinance.com points out, credit card lenders are targeting college students’ right out of the gate in order to get them trapped in the endless cycle of credit card debt.
With over 160 million Americans in debt with an average of $15,000 in credit card debt, college students may want to think twice before charging. If you have become an unfortunate statistic and are stuck in the revolving credit card debt cycle, you may want to consider speaking to a debt settlement attorney. An attorney that has experience in this field can negotiate large reductions on the principle balance while protecting your legal interests. With debt settlement law firms being a newer area of practice, it is imperative that you hire someone with the expertise and staff that can handle the tough negotiation process.
Author: Kevin Fallon McCarthy