College Credit Card Use Can Have Long Term Impact
-
-
- IlyceGlink
- added this
A new poll says that nearly one quarter of college students graduate with more than $5,000 in credit card debt.
1 in 10 of those surveyed said they owed more than $10,000.
Some students sign up for credit cards on campus, when the card companies visit and offer t-shirts and other freebies. But of those students who did, 52 percent graduated with credit card debt.
According to a 2007 study by student-loan provider Nellie Mae, the average credit card debt for college students is about $2,748. For a person who makes minimum payments, it would take nearly 18 years and an additional $2,506.01 in interest, at a rate of 15 percent, to pay off that debt.
In addition, how you manage credit cards while you're in college can affect your credit score for years to come, advises an expert from TrueCredit.com, the organization that sponsored the survey of 3,631 college graduates or people who have attended some college. Those surveyed ranged in age 22-40.
TrueCredit.com offers tips to follow to stay on top of your finances while in school, follow link to see those.
1 in 10 of those surveyed said they owed more than $10,000.
Some students sign up for credit cards on campus, when the card companies visit and offer t-shirts and other freebies. But of those students who did, 52 percent graduated with credit card debt.
According to a 2007 study by student-loan provider Nellie Mae, the average credit card debt for college students is about $2,748. For a person who makes minimum payments, it would take nearly 18 years and an additional $2,506.01 in interest, at a rate of 15 percent, to pay off that debt.
In addition, how you manage credit cards while you're in college can affect your credit score for years to come, advises an expert from TrueCredit.com, the organization that sponsored the survey of 3,631 college graduates or people who have attended some college. Those surveyed ranged in age 22-40.
TrueCredit.com offers tips to follow to stay on top of your finances while in school, follow link to see those.
-
-
JanforGore
-
Credit card companies that prey on young people are immoral. My son will be going into college in a year and a half and already knows the pitfalls and what to do with any solicitations he gets. It is the wrong way to start your life. Unfortunately, for many in this economy it is a necessary evil so yes, learning how to manage it properly is very important to avoid ruining your life.
- 3 years ago
-
JanforGore
