College students are accumulating an alarming amount of credit card debt these days and it's only increasing with the passage of time. The average undergraduate student has thousands of credit card debts, and by the time they graduate from college, they begin their new life in the “real world” with debts they cannot pay. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Student Figure: I will live as I want from time to time and when I have a job it will be easy to pay it back. This is often not the case. Lower-than-expected salaries, coupled with higher-than-expected living expenses and high student loan payments, make managing credit card debt even more difficult for students and recent graduates. And the worst part is that students have so much credit card debt. that it takes so long to pay it back. Even if they are able to make the minimum payments, sticking to the minimum payments would take a student over 12 years and $1,115 in interest to pay off a $1,000 bill on a card with an annual rate of 18 percent. If students are late on their payments, they are charged high late fees. And it's easy for things to get out of hand. Of course, there are two sides to this story. Most students start out with little to no credit, so having a credit card seems like a good idea so they can start building a credit history in anticipation of owning a new or better car and even, a day, their own home. Unless they haven't been warned about the dangers of using credit cards or are particularly naive, this could be a bad decision. Credit card debt for students affects so many aspects of their college life. They cannot pay their bills regularly and find themselves short of cash. Additionally, it may affect their ability to get a student loan, which can be crucial with ever-rising tuition rates. And parents should be wary of putting their student on their own credit card as an authorized user, as the same debt can accumulate under the parents' name and cause serious credit problems. Armed with the right information, many students are able to establish credit. and avoid card debt. Even though students have credit card debt, 54% of students pay off their credit card balance each month. Most tend to be responsible and use the card wisely. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay However, some of them don't and they get into trouble. If a person goes through 18 years of living without financial means, it is very difficult to change their behavior and that is why it is so important for parents to talk to their children about financial management. The key to preventing a student from going into credit card debt is to teach them financial management skills before handing them a credit card..