College Credit Card Warning
As college students head back to campus, lots of offers will be coming in the mail for them to get a credit card, but there are some facts all students should know before signing on the dotted line.
Nebraska Attorney General Jon Bruning is warning all college students to think twice before signing up for a credit card.
He said a lot of the times students accept a freebee to sign up for a credit card application but what they don't know at the time, is that credit card could come with a higher interest rate.
For UNL student Joel Stuben that's exactly what happened to him when he was a freshman.
To break it down if you had a $3000 dollar balance at a 19% annual interest rate it would take you 9 years to pay it off if you made $60 monthy payments.
That would end up costing you more than $6000 in the end.
And Bruning is saying offers will be coming in more and more for new students needing that extra cash.
Students need to think twice before accepting credit card offers, payday loans, check cashing services and other easy ways to put cash in their wallets.
Bruning also said, even if the offers seem tempting, you might want to wait and do some research and talk to a financial expert to see what's the best route to go.
For student Rebecca Dornvierer she says being careful when signing up is key.
Another way to avoid credit card debt is to prevent the offers from coming in all together.
By going to www.optoutprescreen.com students can prevent pre-approved credit card offers from being sent all together.