There are many young people in the US that have no idea how to handle the responsibility of credit cards. Once they enter college and begin their adult life at the age of eighteen the young and financially inexperienced receive credit card offers that they then use to charge everything from books, to computers, to pizza to make life away from home more enjoyable. What many students do not realize is that in their ability to spend money they are responsible for the repayment of their charges and that those charges could potentially haunt them for many years to come far beyond their college graduation.
Credit cards carry interest charges and fees that the uninitiated accept, but not fully understand. For those that find themselves two or three thousand dollars in debt the relatively small monthly payment of $50 to $100 a month may seem manageable on the surface, but lurking behind the minimum monthly payments are the interest charges that absorb a good 75 to 80 percent of the payment and leave a very small amount of money going to pay off the actual debt.
After college these same people enter the workforce and find more offers for credit cards arriving at their door and before long they are buried in debt and have no foreseeable way of paying of the balances to their credit cards now that their minimum payments have climbed into hundreds of dollars a month. Digging your way out of debt is not easy and many people struggle for years to escape the vacuum of interest payments. There are those that do successfully free themselves from credit card debt with the aid of consumer credit counseling services that work with creditors to ease the interest payments and apply a greater portion of the monthly money toward paying of the actual debt.