For students who gained a student loan in order to study ACCA courses or get an AAT qualification, paying for the college by a credit card is an interesting topic to discuss. Many college and university students pay for their expenses by credit cards. As a rule it includes some part of tuition, rent, textbooks, transport, and other daily expenses.

It can be easily explained why college expenses are covered by a credit card. First of all, credit cards were the easiest loans to get before the Credit Card Act 2008. All you need is to fill out a couple of forms and you receive a brand new shiny credit card in the mail a few weeks later. As a rule, students credit cards start from 500 bucks and go upwards to a few thousand of dollars.

But let’s take a look at the current credit cards situation. Is paying for college by a credit card worth it? The truth is: no, it’s not. There is a number of reasons why it is a disastrous idea:

First of all, it is high interest rates. Interest rates are absurd comparing to the bank interests you can have while taking a private loan. And the fact that you have been a good customer and have built a good credit history won’t assure you low interest rates. So credit cards’ rates can lead you to a financial disaster.

Another reason to forget about paying for the college by your credit card us a lack of options after. Actually, there are lots of student loans consolidation options out there for any person. But unfortunately, there are not as many of them for those who cover education expenses with a credit card. Getting into high interest credit card debt in your really 20s can really set you back when it comes to reaching your financial goals. And the last, but not the least issue is that it is very simple to spoil everything. So you should be very attentive with all the expenses you consider as “college-related” ones.