The Average College Graduate's Credit Card Debt


Typical Debt
A 2008 report by the education loan lender Sallie Mae revealed that the typical credit card debt accumulated by college teachers was $2, 200. A subsequent research in 2009 found that one in five college students owed more than $7, 000 in personal college credit card debt at graduation. The actual Sallie Mae study also found that count of students that were graduating with considerable amounts of credit card debt had a lot more than doubled since the 2005 graduating course.

Legislative Action
Last year Congress restricted the access of credit in order to consumers under age 21. Credit card issuers are no longer permitted to get business from new students directly. Students might still secure a credit card, great they will need to have an qualified co-signer to take responsibility for their personal college credit card debt.

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Causes 
University expenses rise each year to adjust for your rate of inflation or to accrue extra funds for a university. These higher costs mixed with the historic ease of obtaining credit score have caused credit card debt college to increase quickly across college campuses. Many credit card issuers were also targeting students by providing gift cards, T-shirts and electronics with regard to filing out credit card programs.

Credit Alternatives 
An acceptable alternative to credit cards for university students is a prepaid debit card. The can be filled with a certain amount of money by a parent or even with money that the student earns on the summer and used for emergency purposes just. Prepaid debit cards look and work exactly like traditional credit cards. They can assist students learn how to budget money and create a discretionary account without the interest costs.