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Debt Management

Credit Counseling

College and Credit

The Debt Trap

Student Debt Facts

78% of college students had at least one credit card. Nearly 40% of Freshman students sign-up for credit cards and almost 20% get them in high school.

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.

According to the U.S. Department of Education's National Center for Education Statistics, 41% of graduating seniors had credit card debt, with the average balance just over $3,000. Among students who had college loans, the number with credit card debt rose to 48% and the average balance was $3,176.

  • 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.

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