Harvey Zimmermann of NT’s accounting faculty, college advises the students on being judicious with the use of credit card in order to avoid a rolling debt. As per Harvey Zimmermann:
The important thing is to treat it carefully. You don’t want to be running up too much debt because that leads to financial instability.The feature focuses on the importance of credit-card to save-up for emergencies and also to have a good credit report for mortgage and also for procurement of jobs.
Zimmerman’s aim is to help the young credit cardholders to avoid debt and those who have already landed themselves into one; he advises them to seek financial advice which provides them with a “game plan” to pay-off the debts. If you’re in credit debt, the best thing to do is to go to financial counseling. As per Harvey:
You need someone who can get you a game plan. Go to someone who’s independent, because you probably won’t listen to your parents. Sometimes financial aid, scholarships, etc. near the end may not be enough to get you through. It’s hard to get by, especially if your parents won’t help you, and it’s easy to fall into that trap when people are throwing credit cards at you.
