Posted
Apr 15 2009, 11:02 AM
by
Karen Datko
The times they are a-changing for many credit cardholders, who are reducing their dependence on plastic and paying off debt. Hopefully that includes college students, who last year used credit cards more than ever -- and not just for pizza and beer.
Put tuition on the card? Amazingly, about 30% did, according to a new study by Sallie Mae, up from 24% in 2004, the last time the study was done. About 92% used plastic for other educational expenses.
The average balance has grown to $3,173, and increases to $4,100 by graduation.
It gets worse, folks. A press release from Sallie Mae reports:
Sixty percent experienced surprise at how high their balance had reached, and 40% said they have charged items knowing they did not have the money to pay the bill. Only 17% percent said they regularly paid off all cards each month.
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