The results may, or may not, surprise you.
- The overwhelming majority of college students had at least one credit card and about 1/3 paid their tuition using a credit card.
- The average debt ranged from $1,000 to $7,000. The overwhelming majority of undergraduates indicated they needed more education on managing their money and would have taken a money management course either in high school or in college if it were offered.
Once you are on campus you will notice a number of signs letting you know that “something” is free if you sign up for a particular credit card. Please remember that nothing is free.
My book, The New College Guide: How to Get In, Get Out, and Get a Job carefully guides you and your parents about the best ways to meet college expenses.
You know how much of your bills will be met by savings, your borrowing, your parents’ borrowing, your financial aid from the federal and state governments, and the institutional aid from your school.
I urge you throughout the book to work, if you can, to meet your daily living expenses. This pay-as-you-go plan will help you to better manage your time and finances and is a good lesson for later life.
So please don’t be tempted to add some plastic to your wallet. Credit card debt is one of the things you don’t want to take with you after graduation.