Indebted for life

We have all heard the crazy statistics of how much the average U.S. citizen holds in credit card debt. The average American is said to be in debt $8,400 but not all experts agree.

Either way, access to easy money, compounded with the slow economy may be our next "housing bubble."

We cant have everything we want, right?

A 2007 and 2008 poll by CreditCards.com shows that consumers are becoming steadily dependent on their plastic “buy now, pay later.”

But as students, there is little we can do to escape plummeting into the abyss. With 41 percent of students having a credit card, not only are we in that desirable bracket marketers love, we have less responsibility (i.e. children and mortgages) and capital.

The average four-year university student who have loans is 65.6 percent, and the average cumulative debt is $17,277, according to FinAid. This coupled with the credit freeze, has put plenty of students who rely on loans in a predicament as well.

The American Recovery and Reinvestment Act is set to increase the Pell grant by $17 billion. The educational federally funded grant helps an estimated 7 million students. However the money will not be dispersed until July 2010.

While I understand that debt may be inevitable at times, it is best to avoid what we can as students. But until then, here are some ideas for saving money:

1. Move back in with your parents.


Come on you know they miss you. Plus, you can totally avoid step 2.


2. Stop eating, or at least learn to live off 800 calories a day.


If step 2 seems near impossible, refer back to step 1 or my recipe for Ketchup soup.

3. Get a rich boyfriend/girlfriend


You may have to compromise what you are really looking for in a mate (i.e. personality, age or/and personal hygiene)


4. Become a rock star


5. And if you have burned through all four with no luck, you can always get a credit card.

Its just too easy.