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When Student Credit Cards Start to Bite
Student Credit cards are one of the conveniences of modern society but as with many things in life, credit cards have some ugly aspects too. Many people blame student credit cards for getting them heavy in debt. While it is true that credit card debt constitutes a major portion of personal debts, it is not fair to say that credit cards drown you in debt.
It is the credit card holder who decides when to spend money and how much, so actually blaming credit cards for getting in debt is stretching the truth.
If there is a grain of truth in the accusations against student credit cards, it is the fact that very often the interest rates on credit cards are outrageous and the penalties for not paying the balance on time are severe but still it is again up to the credit card holder to agree to the interest rate and to pay his or her balance on time.
But credit card fraud is a different story. While with debts more or less it is the credit card holder who is to blame, credit card fraud is generally committed behind the back of a credit card holder. Many people believe that it is the weaknesses in the credit card system itself that allow criminals to commit fraud so easily. Credit card issuers and legislation take some measures to prevent fraud but the results are still far from perfect - credit card fraud and identity theft remain two of the tumors of the financial system.
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