by JEFF WALTON
The Falcon (Seattle Pacific U.)

(U-WIRE) SEATTLE - It started with just one credit card for emergency purposes at the beginning of Seth McBee’s freshman year at Seattle Pacific University. 

But "just for emergencies" quickly became a convenient way to treat people to dinner, purchase birthday presents for family and buy CDs. 

By the end of his sophomore year, McBee carried six cards, with over $3,000 in debt, and did not understand how it all happened. 

"I felt like I dug myself into a hole," said McBee. "There was no way to reduce the amount I was paying off, because I was paying with other credit cards." 

In a market with a limited amount of established-credit customers, credit card companies are gradually expanding their cardholder base to include riskier clients with little credit history. 

Students have become a group credit card companies pursue. However, students who are approached by credit card companies with the promise of establishing good credit or getting a card for emergency purposes aren’t always as prepared as other cardholders. Students who don’t understand how credit cards work can be left with massive debt. 

According to Credit Coun-seling Centers of America, it is not unusual for students to come to a credit service. 

Many credit cards begin with a lower introductory rate - around 5 to 8 percent. After the introductory period, which typically lasts between two and six months, the interest rate can rise above 20 percent. 
 
 

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