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Credit card debt becoming a problem for college students

A whole new group of high school seniors have recently graduated out of their academic institutions and have prepared themselves for the future beyond their kindergarten through 12th grade educations. While some may begin their careers or training programs to enter the workforce, others may choose to continue their educations at two and four-year colleges. Those who do may have to take out student loans to pay for the education opportunities they seek to acquire.

Across the nation and right here in Tennessee, young people are swimming in student loans but they are also starting to accumulate another kind of damaging debt: credit card debt. Over one out of every three college students now has credit card debt in excess of $1,000 that they do not have the easy ability to pay off.

College students run into the same struggle as other adults when it comes to having enough money available to them to cover emergency costs. While they may have enough to pay for their basic expenses, their credit cards may blow up when they need extra cash to fix their cars, pay for unexpected medical bills or cover first and last months' rent on new places to live.

Starting out on one's own after high school is tough for many young people who have never had to be independent and financially responsible for themselves. Beginning one's adult life with credit card debt can be an impediment to their future. However, getting help to overcome credit card debt is possible, and young adults may benefit from managing their debts early on before they become excessively burdensome.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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