This article attempts to give an overview of student credit card use by presenting some statistics taken from Sallie Mae’s National Study of Usage Rates and Trends of Undergraduate Student Credit Card Use released in April 2009.
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These statistics reflect only the average CREDIT CARD debt. This does not record additional student loans. (Read more about Educational Debt.) These numbers are staggering:
- $3,173 Average balance carried by college students. (21% of Students carrying a balance between $3000 and $7000.
- $4,100 Average credit card debt of graduating seniors. (19% of Seniors who graduate with a balance greater than $7,000).
There is a huge need to teach the dangers of debt in our homes, and our churches.
