| College Student Credit Card Debt |
| By Credit Federal |
Published
08/30/2008
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Debt Help
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College Student Credit Card Debt
College students typically get a credit card for more than simply convenience, but also for security should an emergency arise. Unfortunately, some students go overboard with unnecessary charges that they cannot immediately repay.
The convenience and security offered by a credit card; if abused, can become a nightmare of debt and a bad credit score that could take years to rebuild.
A recent survey conducted by Zogby International found nearly one in four students left college with more than $5,000 in credit card debt. Out of that number, one in 10 indicated they had over $10,000 in credit card debt.
The survey also revealed that four in 10 people were lured into applying for a credit card in order to get a free gift or a special offer. More than half of those ended up leaving college 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 that 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 their debt.
Get personal finances under control with our free financial calculators to track expenses so you can see where you most waste money. For professional debt assistance, consider credit counseling or; if your problem is extremem, debt settlement.
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