by CeCe Day Hill

Created on: January 23, 2008   Last Updated: February 28, 2008

JDC Insite: Don't mortgage your future with credit card debt

The magical words and cry of collegiate independence: I have a credit card! Or so it is thought. A college student's presumed freedom and excitement is wistfully dashed by reality, and credit card companies, who lure unsuspecting new card holders with a plethora of insignificant ploys and merchandise, such as hats, and short-term no interest student credit cards, even waiving past credit history.

It's the whirlwind desire for immediate self-gratification that weaves its web of debt throughout the College years as student's discretionary purchases total well over 53 billion per year with 79 percent ownership by the senior year according to Harris Interactive, a biannual survey of American college students.

College students tested in a Texas A&M University Study validate the fact: "recent high school graduates are not knowledgeable about every day financial matters." Are you one of the 32.5% who are?

Are you the type of person that can pay off your charges within 30 days? If not perhaps you should rethink the pros and cons of having a card until you understand the reality of the roller coaster ride you may be in for.

"Do you wish to emerge a degreed graduate with financial debt greater than a starting salary?" If not, then learn to live without credit card dependency. It's a training strategy to help assure a sound financial future.

What is your attitude about debt? Is someone always bailing you out? Are you banking on postgraduate earnings to pay everything off?

Don't make easy access to credit an issue in your life. Use a credit card, as a tool, and it will serve you wisely. Use it irresponsibly; it can destroy your future for as long as two decades.

Using a credit card to build a credit history is fine, but learn to pay charges off within 30 days. Paying on time will open many credit doors when you need it most. Otherwise, you will be penalized points off your credit rating worthiness.

It may not mean much to you now, but when there's a house, car or a joint venture in your future, you may have difficulty getting a favorable interest rate if at all. You may have to learn to live a life style far below that which you have envisioned as part of your goals in life.

Keep in mind: with any increased credit limit, do not charge up your account to the maximum ever. Once you go over 50% of your limit you are automatically considered more of a risk. You may find your interest rate rose, even though you have

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