Credit Card Debt Among College Students - 5 Important Facts You Should Know

University students and credit cards don't mix, but that doesn't stop most university students from running up their card-based debt. Despite the truth that most college students are of above-average intelligence and also have strong self-discipline, their young age and relative inexperience in working with credit makes it tough to resist running up a sizable tab on their cards.

Furthermore, students these days are confronted with ever-increasing tuition and other expenses. With cash flow tight for a lot of students, their cards become their most convenient resources for buying the things they have to get by in college.

Fortunately, there are other alternatives to charge card use in college. If you would like for more information about college credit card debt among college students, consider these 5 facts you need to know:

1. College students are carrying more card debt than ever before while in school:

Sallie Mae, a prominent education loan organization in the U. S., has recently found that the average college who has a minumum of one card student carries well over $2, 500 in credit debt.

2. They are also graduating with more financial debt:

The average college student these days is graduation with about $4, 100 in card debt. This really is an all-time high since such statistics began becoming analyzed by Sallie Mae.

3. Carrying a card may be beneficial in terms of planning for cash emergencies:

Obviously, many students resist giving up their cards because they don't want to be caught in an emergency situation whereby they have to make an important purchase but they do not have access to enough cash to cover it.

4. These times, students need a co-signer to get a greeting card:

For better or worse, however, these days it is tougher for freshman and sophomore college students to qualify for credit cards. That is because new, strict legislation makes it illegal for large credit card issuers to solicit card applications to students under twenty one.

Still, despite this new legislation, students are finding new methods for getting their hands on cards. For example, if like a student you get someone you know to accept co-sign on the loan with you, you can still obtain a card. However, this does not solve the underlying problem: students tend to run up unsecured greeting card debt.

5. A smart alternative is to obtain a prepaid debit card instead:

A smart way around using these cards but while still having a back-up for emergencies in position is to buy pre-paid debit cards instead of charge cards. Debit cards require no application process, and they are not associated by any means (positively or negatively) with the students' credit rating. You just pre-pay for the amount you require and go. Then, of course, the student can keep credit cards as a backup for emergencies but only utilize it when a situation arises.