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According to Nellie Mae, a national student loan financing organization, 83% of undergrads have at least one credit card, the
average credit card balance for college students is $2,327, and 1 in 5 students carries between $3,000 and $7,000 of credit card
debt. The average credit card debt for graduate students is even higher – $4,776.
Some companies set up tables on - or off - campus as school starts, luring students with goodies like “free” t-shirts, CD holders,
toys and candy – not so hot a deal when many credit card issuers charge an annual fee of $15 to $55.
Tips on managing your credit:
$ Shop around for lowest interest rate
$ Stick to one major credit card
$ Plan and stick to a budget
$ Keep good records of spending
$ Use credit cards for necessities & real emergencies only
$ Pay off balance in full each month
$ Avoid paying tuition with credit card
$ Get parents’ advice on credit card use
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If you run up a $1,000 charge at a 19% interest rate, it will take over 8
years to repay at $20 a month and cost an extra $1,000 in interest.
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