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Going away to college and living on your own for the first time can be scary, especially since you need to rely on yourself to buy groceries, books, and other essentials. Many freshmen need major help in the  

College spending habits

  department, and that's where we come in.

Did you know college students make up one of the most predominant groups of people with financial distress? And, much of the angst has to do with Credit Cards. We spoke with Julianne Frank, a financial distress counselor, to get the 4-1-1 on using credit cards wisely.

"You need to be a good credit card consumer," says Frank, adding to watch out for credit card companies that visit college campuses and prey on freshmen with poor college spending habits. They set up booths in student unions, and offer free gifts for signing up. Don't fall into the trap, warns Frank. Many of these companies charge ridiculous rates, and are often trying to take advantage of your minimal money management skills.

Not every credit card company is bad, however. If you're looking to obtain a credit card before going away to college, Frank suggests getting your parents involved. Because you have no established credit, companies have the right to charge you higher interest. "You're better off asking your parents for a co-issued card with your name on it," she advises. This way, your parents guarantee credit, and you'll get a much better rate. Statements will also be sent to your parents, so they can monitor your college spending habits and make sure you're using credit cards wisely.

Of course, it's up to you to take responsibility for your college spending habits and credit card use, especially when it comes to using credit cards wisely. "Understand your limits when you charge," says Frank. Since overspending can cause serious damage, talk with your parents about how much you can spend, and how you'll pay the bill. You should always be thinking about your next bill, making sure purchases don't accumulate.

"It takes a while to pay off credit card debt," she cautions. If you find yourself in debt, you'll need to make serious sacrifices and pay over your minimum payment for at least six months.

"When you get out of college, you don't want to spend the majority of your working life paying [your credit card debt] off," says Frank, "especially when you'll need to worry about your student loans." So make sure to take her advice on using credit cards wisely and developing sensible college spending habits, and you'll save yourself a lot of trouble in the future.

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