The average college student is carrying between $2000 to $7000 in credit card debt. Yikes!
This is a cautionary tale. Don’t rack up Credit Card Debt in college or you’ll be paying it off for years after.
Card debts average $2,169 for students.
According to a 2005 study published by Nellie Mae, a student loan company:
• An estimated 76% of undergraduates carry at least one credit card.
• 56% of all undergraduates surveyed for the study reported obtaining their first credit card at the age of 18.
• The average outstanding balance on undergraduate credit cards was *$2,169.*
• 79% of undergraduate credit card holders regularly carry a balance on their cards, paying interest on those balances which increases the amount that must be repaid to the card
company.
