Credit card debt is a horrible thing to deal with, especially if you're a college student. According to MSNBC, about 75% of the 17 million college students have credit cards. In 1998, 67% of college students had credit cards.
The number of credit cards isn't the only number that has changed, however. MSNBC also says the "freshman 15" is no longer just a phrase to describe the beer and pizza pounds packed on in the first year of college. It now represents the thousands of dollars that some students have in debt. That's right -- $15,000. Only a few students have gone this far, thank goodness.
Young Money says that the average credit card debt of a college student is around $2,700 and only 10% of these credit card holders have gone above $7,000. They also provided some pretty interesting facts about these big spenders. Nellie Mae, a leading provider of higher education loans, analyzed last year's applicant information. Most students have about three credit cards, and 32% had four or more. I personally don't understand why people need that many.
All I have to say is that I'm really glad I don't have a credit card. I'd be packing on the freshman 50 if I did.
2 comments:
This was very well written and I liked your little quip at the end. A helpful tip might be to also make a link out of sources like the Nellie Mae foundation. Other than that, great job!
It was really interesting to see that the "freshmen 15" was no longer just used for college weight gain. I've never heard of that before, but it definitley makes sense.
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