- Student Credit Cards: Ultimate Benefit or the Disaster Waiting to Happen?
- Tens of thousands of college students and other adults across the U.S. are drowning in
credit card debt.
- The average college student has two credit cards with a $5,000 balance between them.
- When adding student loans (exempt from bankruptcy), rent, car payments, utilities,
telephone, taxes, and interest, few college graduates’ starting salaries will be high
enough to cover much beyond minimum payments on their credit card debt.
- Some universities offer on-campus financial counseling.
- Some students find savings by logging onto www.lowermybills.com.
- Financial counselors offer students this advice:
- reduce the number of credit cards you have and
- pay cash.
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