Students Fall Into the Debt Trap but America's Legal System is Fighting Back

Students Throughout America Are Being Tempted by Credit Card Companies as They Offer Low Rates Many Don't Understand Default Interest Rates and Find Themselves Dealing with Rising Debt The Good News is America’s Legal System is Now Offering Debt Resolution That has High Success Rates

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Students struggling with high debt

The rate changed after my first late payment. I noticed the payments became considerably higher. I was only 15 days late. I thought I understood how credit cards worked, but the penalties I found out about after the fact.

Los Angeles, CA (Vocus) September 27, 2010

It is the most exciting and rewarding time in their lives yet many college students are buried in high debt. Students often think they are starting to build a solid credit record are digging themselves a deep hole into debt.

Credit card companies offer teaser interest rates, free mugs, CDs and t-shirts in return for students signing up with their company. The thought behind this strategy by many credit card companies is by signing up students for their first credit card; it is very likely that even when they graduate from college and enter the corporate world the same students will be upgrading their credit cards with the same credit card company.

It is also recognized that students are big spenders. Despite the fact that many students have no reliable income, credit card companies are willing to take a risk in order to reap the rewards.

Austin Kelsey from California was over $10,000 in debt when he decided enough was enough. Austin engaged with the Howard ½ Nassiri Law Firm in a debt resolution program supported by the Morgan Drexen’s integrated software.

Austin obtained his first credit card when he was 18 years old. He regrets accruing such high debt, “I used a lot of money for fuel as I was commuting, I also bought a computer. I had a good knowledge of how credit cards worked, but I got in over my head. Interest rates went up and I got behind on my payments. I decided to look for help. At the point I had such a high balance on my cards I started transferring balances to get a lower rate.”
Austin says the attorney based debt resolution program was a huge success for him.

Karen Hoeg an attorney licensed in California who works with consumers facing rising debt admits, “Many people are extremely stressed about their adverse financial situations and express relief at being able to speak to an attorney who can assure them.”

For Florida resident Muret Innocent it was a similar story. Muret obtained his first credit card when he was a freshman in college. He admits that the low interest rate that was initially offered was too tempting to turn down. Sadly, the rate didn’t last.

Muret says, “The rate changed after my first late payment. I noticed the payments became considerably higher. I was only 15 days late. I thought I understood how credit cards worked, but the penalties I found out about after the fact. I now have one credit card for emergencies with a zero balance.” Muret engaged with the Rosen & Winig Law Firm in his final year as his debt spiraled out of control.

He is now completely debt free.

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