College and Credit
The Debt Trap
Of the 78% who have credit cards:
- 32% have 4 or more cards
- Average number of cards = 3
- Average credit card debt = $2,748
- 13% have credit debt between $3,000 - $7,000
- 9% have credit card debt greater than $7,000
8.7% of bankruptcies are from people under 25 years of age.
- 35 out of the nation's top 50 credit card issuers now compete in the college market.
- The average available credit limit is over $6,000 for college students.
- A typical graduate student leaves school with four credit cards and balances of more that $4,778, according to Nellie Mae.
- It would take roughly 12 years for a student to pay off a $1,000 credit card debt with an 18% interest rate if they are making only minimum payments.
See interview with Kevin, a college student, who found
himself $20,000 in Credit Card Debt.
Budgeting 101 - Your Money Guide For Getting
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