This information is all very legible on the front of the brochure, but hidden in the back in small print, the companies start to tell the truth. Most introductory offers extend for a period of six months and after that, they may charge you anywhere from 17 to 21 percent interest on purchases. Those cash advances will cost a considerable chunk of change as well, perhaps as much as 3 percent of the amount of the advance. The problems students have with credit cards have not gone unnoticed. The Bursar's Office provides students with free counseling and referrals.
Students can also seek out help and advice from other sources.
Kathy Snow, an Education Specialist with the U of C Federal Credit Union, has seen it all. The extreme scenario is having to drop out of school to pay your bills. Others will only know the constant tension of being in debt. Snow works very closely with CU and Consumer Credit Counseling of Denver. She also runs numerous workshops throughout the year with topics like Financial Seduction 101 and the Money Smart Program.