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“Just Say No” to credit card debt

By: Evie Palmer

Credit card companies are comparable to clever cheetahs-they are eagerly lurking for their next unsuspecting victim to pounce on.

Credit card companies have done a remarkable job in marketing their product: debt.

There is just one major problem: a credit line does not equal free money.

According to credit.com, in 2013, there was approximately $850 billion dollars in outstanding revolving debt in the U.S., mainly from credit cards!

That is more money that could be in your wallet, instead of being handed over to these corporate giants.

College students are a primary target for credit card companies to prey on.

Data from Apollo Research from 2012 concludes that 71.3% of college students drop out because of outstanding financial obligations, typically from college expenses.

If you don’t want to fall into the trap of credit card debt, or debt in general, you should:

a) Apply for as many grants/scholarships as possible.
b) Use cash for purchases instead of credit cards.
c) Save up an emergency fund so you won’t become susceptible to using credit when a huge bill or expense comes up.

Dave Ramsey, well-known financial guru, states, “If you live like no one else, later you can live like no one else.

Avoiding debt may feel like a sacrifice at the moment, but it is liberating when debt doesn’t control your life, and you are free from its clutches.

About Farhin Lilywala

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