_Creditcards 'charge' studentsinto debt duringholidays

ALYSSAMOORE STAFF WRITER AMM733@CABRINI.EDU

Credit card debt is a huge issue among students, and with the Christmas season coming up, many students will begin charging Christmas presents.

The little plastic card is deadly with people who love to live larger than life. Many students live under the impression that they will live how they want to and spend exorbitant amounts of money. When they get a job, it will be easy to pay everything back. This ·is not always the smartest route to take.

Lower-than-expected salaries, plus higher-than-expected living expenses and hefty student loan payments make handling credit card debt all the more difficult for students. If one is not wise with the credit card, they can spend years paying it off.

Now that the holidays are just around the comer, everyone is out spending money, and more often than not, people tend to use their credit cards.

Joan Frankowski, a sophomore elementary education major, is one student who is smart when it comes to shopping. She claims that she will probably use both credit cards and cash when shopping.

"I am buying for nine people. I will probably be spending around $20 to $30 on my friends and my family members," said.

'Frankowski has been a credit card owner for a little over a year now, and even though she does have money saved up from her summer job as a cashier at ShopRite, she does tend to use plastic over paper when the mood suits her. She said, "I do not use my credit card to splurge, and I use it only when I run out of money. However, I wiJI always ask my parents ahead of time whether I should use my credit or debit card."

For winter break, Frankowski also plans to get a job to help pay off the payments she made on her card. She gets her responsibility for money by watching her parents. Her parents are not credit card holders because they fear debt, but they taught Frankowski the importance of good money management.

Amanda Breen, a sophomore elementary education major, is just as responsible as Frankowski, and yet she does not see the sense of owning a credit card. Breen said, "I'm not afraid of debt, but I don't see any reason to use a credit card if I don't have the money to back it up with, especially since I'm not working, I would rather just use the money I have."

When it comes to holiday shopping, Breen has 12 people she is buying for. With money saved up from her summer job at a daycare, she plans on placing a limit on how much she spends on each person. Breen gets her smart shopping techniques from her parents, even though they are credit card users. "They just use them when they need to. They would rather just use cash," she said.

"I think it is pointless to go and rack up your credit cards when you don't have the money. I think people need to learn how to set limits," Breen said. There are many pros and cons of using a credit card during the holidays. However, it is understood that one must be cautious.

Frankowski said, "When using a credit card recklessly during the holidays, it is like driving a car with the gas gage broken. You don't know how long it will take before you run out of gas."

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Some tips for holiday shopping and avoiding debt:

• Develop a budget and stick to it: Write a list of everyone on your gift list and determine how much you want to spend on each person.

• Draw names: If you belqng to a big family or have lots of friends, suggest this idea so that each person has to buy only one gift.

• Save money: Continue adding to your holiday fund each week. If your budget is tight, find ways to cut back on your daily spending and put that extra cash toward gifts.

• Pay off your credit card: If you are J?lanningto shop with a credit card, make sure you have enough in your bank account to pay off the amount at the end of the month.