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How College Students Can Avoid Banking Fees

How College Students Can Avoid Banking Fees

A new study is out that will give parents of college students another thing to think about. What does it say?

If parents of college students, or college-bound students, did not have enough to think about financially – be it paying tuition or dealing with student loans– a new study from Nerdwallet found that college student waste nearly $800 million dollars per year, on bank and credit card fees alone.

What about credit cards? What is the best way to approach this for college students?

The best way for parents to handle it is not to give a college student a credit card, especially if they have not had one before college. And students should not sign up for them in college. Nerdwallet cites an Experian study that found soon-to-be graduates had an average of $2,573 in credit card debt.

However, if the goal is to build a credit score and have a card in the event of emergencies, the best way to go about it is to either use the card for certain monthly expenses, like a phone bill, and pay it every month, or to use a secured card that is backed by a cash deposit. Both options allow for you to build a credit history. But whatever you do, do not run up your credit card balance and make minimum payments or late payments. That is a recipe both for high late fees, and low credit scores.

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July 9th, 2017

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