When exactly did my credit card debt start? This is a question you may find yourself asking. I can answer from experience. Credit card debt starts in college. I hear all the time about students receiving cards with a $5,000 to $10,000 limit. Such offer is just too much for students to say no to. Who co-signed for it? This is another question you might ask. The answer: no one! The signature is all theirs. Surprising? Well, this is more common than you think. In fact, it is so common that it has gotten the Consumer Financial Protection Bureau (CFPB) to investigate whether or not college marketing deals involve credit cards and banking products.
As you can see from this article, several colleges are in cahoots with banks and credit card companies. This might be the reason why credit card debt among college students is a growing problem. Some say that it is done in the hopes that the parents will bail them out should their child get in trouble with debt. Others suggest that it’s all trickery. This is where the real problem is.
If your debt started in college and has slowly grown out of control, you may want to consult with a debt settlement attorney. A qualified attorney in this area can often help you eliminate your credit card debt without the need for bankruptcy.