College Students Need Lessons in Prudent Credit Card Usage
Baltimore, MD (PRWEB) October 4, 2006
New York, NY PRWEB) September 28, 2006 -- According to the Wall Street Journal article "College Students Need Lessons in Prudent Credit Card Usage" by Amy Hoak, 76% of undergraduate students owned a credit card in 2004. Their average balance was $2,679.
But what's worse, according to Hoak, is that these balances don’t stem from necessities...but on liquor, pizza, and cell minutes. And once these students graduate, they'll end up paying close to $18,000 in interest charges on this debt – more than twice the amount owed.
And it won’t end there. According to the financial web site, InvestmentU.com, 102 million Americans have credit card debt - $9,000 worth of it. For those that don’t know any better, making minimum payments, it’ll take you 30 years to erase that debt.
It doesn't matter whether you're 20...30… even 50 years old – debt is crippling many Americans’ financial future. But it doesn't have to be that way. http://www.investmentu.com/bin/i/f/Consumerdebt1.gif
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http://www.investmentu.com, an educational investment e-letter, brings dynamic market information to more than 300,000 subscribers each day. For more information about our editors, or to set up an interview, please contact Juan Muñoz at 410.223.2693, or visit http://www.investmentu.com