Thanks for voting!It’s almost a rite of passage for college students to snag a credit card (or 3) before graduation. Credit card companies set up shop on campus with t-shirts, DVDs and other “free” booty that can be hard to pass up. In this video from NBC Nightly News, you‘ll catch a glimpse of what lies ahead for so many graduates. Fact: The average college student with credit cards graduates already $4,000 in the hole. In an economy where jobs are scarce, paying off credit card debt accumulated from college can be pretty daunting.
Our take: the next generation of Savers needs to be smart and protect their future financial freedom. When it comes to signing on the dotted line, make sure you look at the fine print and read the agreement. (Maybe do some laundry and find another t-shirt to wear.) Think twice before buying pizza for the dorm floor. Bottom line, free stuff isn’t really free when it’s bought on credit. And in this case, free surely doesn’t translate into freedom. Financial or otherwise.
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