Beware of Credit Cards in College

College is the time when you leave the comfort and security of your parents' home and are sent out into the world on your own. Hopefully you've already planned out how you will survive financially. If not, I'm here to tell you that credit cards should not be used as a crutch.

Let me tell you about my college credit card story. Way back in 1994, I was lucky enough to receive financial aid and student loans to finance college. But I still lacked the funds for rent, food, utilities, and miscellaneous. I took on a full time job as a server, but found myself needing some additional income. That income came from credit cards.

Today I do not own one credit card and believe they are the root of all evil. Of course, this is my entire fault. My credit limits on the cards were low at first, so I figured I'd just get another and yet another from my favorite department stores. One had to be clothed, right? Was I really that naïve? I must admit that once I even signed up for a credit card because the company was handing out some little electronic gadget for applying. My priorities weren't exactly in place, were they? That's how they get you in college.

All was fine and dandy until summer rolled around. Suddenly, I saw my pay drop about 60% due to the off season. Most college kids went home for the summer. Before I had only been paying the minimum amount on eight credit cards and I wasn't even able to do that now. Electricity was more important.

Scared and angry at myself, my grades began to drop. The credit card companies were charging me for late fees, which in turn made my balances go over the limit. So then they charged me with over-the-limit fees. Of course, all of these fees were in fine print when I signed up for the cards, but I never dreamed that I would have to stop paying them due to unforeseen circumstances. Never even gave it a thought.

What did I do? Received a loan to pay off about one fourth of what I owed. I didn't qualify for more than that. But this left me with yet another bill - the loan payment. College was about to teach me more than just psychology.

Receiving credit cards in college has ruined my credit and FICO score until this day. As soon as it seemed like I was getting ahead, another mishap or emergency occurred which led to weeks without work. Deeper and deeper I sank.

A few years ago, at age 27, I moved back in with my parents and managed to pay off $11,000.00 in credit card debt. Now I only owe around $2000, but my credit will remain in a poor status for the next few years.

I miss my college days, but wish I had been more responsible in handling credit cards. I am unable to purchase a home with a decent mortgage rate, finance a car, or even get a good deal on a cell phone. Thankfully, this is all about to change as the negative items on my credit card report disappear. If I had it to do over again, I'd get a second job, and use one credit card for emergencies. Now I just have to focus on that pesky student loan debt!