More Americans declared bankruptcy in 1996 than graduated from college. Arguments about money play a major role in 90 percent of divorce cases. Nor are credit card companies doing people a favor when they give them credit. Credit cards are money-makers for the card companies because they must be paid off, and often the payments include high interest and other fees. Credit card companies try to bring in new customers when they are 18 years old, and many offer cards to college students.
Credit cards are so convenient to use that people forget they are paying finance charges.
Sometimes it's easy to get more than one card, making it easier to get even deeper into debt. If you decide to use credit, do so responsibly. The Adams family in Affluenza nearly got a divorce because of their debt. Review the following credit terms with students. The amount of money the lender charges per year for the use of their card.