BrassRing Campus helps students use credit wisely
CHICAGO--(COLLEGIATE PRESSWIRE)--Oct. 23, 2000--College students and recent graduates can learn how credit cards really work - and how to stay out of trouble with them - in the newly expanded credit section launched today at
BrassRingCampus.com.
The section explains the different types of credit cards, cash advances, balance transfers, stop payments, credit ratings, credit reports and credit users’ rights -- all written by professional journalists with college students and recent graduates in mind. The section also offers tools where students can find the best credit card for their needs, calculate the benefits of paying off debt first and figure the best repayment schedule.
“Getting a credit card -- or four -- is all part of the college experience. And, for one in five students, $10,000 in debt is all part of graduating,” Margaret O’Brien, senior producer for finance at
BrassRing Campus, said. “We’ve put together the information people need to prevent that kind of debt from racking up. Our site helps people find jobs and launch a new phase of their life - they don’t need to be dragging around major debt when they’re just getting started.”
More than 60 percent of students have credit cards
According to the National Foundation for Credit Counseling (NFCC), an estimated 60 to 70 percent of all college students, and 96 percent of graduate students, have credit cards -- statistics that can partially be attributed to aggressive marketing by credit card providers on campus. Every semester students pass dozens of tables offering free T-shirts, water bottles, key chains, hats and other freebies in exchange for card applications. And those multiple applications, often turn into multiple cards.
Of those college-aged credit card holders, 21 percent have four or more cards with an average per-card debt of $1,843, according to the NFCC. Moreover, 23 percent of college students have more than $7,500 in debt, according to the National Association of Colleges and Employers, and 20 percent of college students will graduate with $10,000 in debt, according to Howard Dvorkin, president of Consolidated Credit Counseling Services. About 28 percent of college students, according to NACE’s figures, have less than $1,000 in debt.
Not all bad
Credit cards aren’t all bad. In fact, students shouldn’t avoid credit. Doing so may make big purchases in the future more difficult, according to credit counselors.
“When used responsibly, credit cards help create a solid credit history, making your credit report look better for the future,” said Producer J.P Habib, who consulted dozens of sources and industry experts in writing the new section. “We’ve researched the many ups and downs of credit so young adults can finally understand how their credit cards can work for them - or against them.” To make credit cards work for them, students should:
* Apply for a cards with no annual fee, a low fixed interest rate of 11 to 14 percent, a grace period of at least 20 days, and no freebies -- those ''free'' T-shirts and other random gifts are usually paid for by a higher interest rate that you`ll get stuck paying.
* Pay at least the minimum balance on time, ever month. When creditors are considering you for a loan or credit card, they don`t care anything about you as a person. They`re interested only in your history of debt-repayment.
* Avoid using credit cards like an ATM. Cash advances come with exorbitant interest rates, various fees and absolutely no grace period. That $200 you withdraw could easily end up costing you twice that in the few months it takes to pay it back ... if not more.
* Annually order a copy of their credit report from each of the three major credit reporting agencies: Equifax, Experian and Trans Union. Go through each report and make sure it contains no errors or potentially damaging information you weren`t aware of.
Ask the experts
Students who have questions about their credit cards or other money matters can pose them to one of the three experts in
BrassRing Campus’ Money channel. Personal finance expert Kimberly Seals researches a broad range of questions, student loan expert Anne Stockwell has charted the confusing world of student loans, and savings guru Mary Hunt, who once dug herself out of $100,000 in credit card debt, gives straight advice about avoiding credit card debt and saving money.
The credit section resides among the banking, saving, student loan, salary, student loan and insurance sections, as well as a dozen interactive tools, in
BrassRing Campus’ Money Channel. The site’s content also features a Life channel, to help people with moving, renting and buying a car, and a Career channel to help young people write resumes, interview and land that first job. There are also thousands of entry-level jobs in BrassRing Campus’ job database.
About BrassRing Campus and BrassRing
BrassRing Inc. is a leading provider of integrated recruiting and hiring management solutions designed to help companies hire better people faster. Created in September 1999 through the combination of several leading recruiting and hiring management firms, BrassRing Inc. consists of BrassRing Systems, a leading provider of web-based hiring management solutions;
BrassRing.com, a leading technology information and career portal; BrassRing Career Events, a leading sponsor of technology career fairs in North America and Europe; and BrassRing Campus, a leading provider of software and services that manage entry-level recruiting from university and MBA programs. BrassRing Inc. is owned by The Washington Post Company, Tribune Company, Gannett Co., Inc., and Accel Partners.
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