On average, college students graduate school with about $4,000 in credit card debt. Thats crazy…think about all that interest that goes into that and you end up paying back a ton more than you actually got to spend.
There is this campaign now called “The Truth About Credit” which is trying to put a stop to “out-of-control marketing and unfair practices of the credit card industry, with a focus on college campuses” according to their website.
I think this is a really great thing! Although college students are responsible for their own debt, many don’t know what they are getting themselves into. Swiping a credit card to me always feels like “free cash” because at the end of the day when you looking at your checking account, you still have cash in there…sometimes forgetting that you still need to pay off that pricey credit card bill that you have racked up!
I think with the campaign focusing on college campuses is really important because students don’t take the time to do the research they need to know for the credit cards that they are considering opening. Without their parents around to advise them, many students end up making a poor decision and graduate with a serious amount of debt on their different credit cards. The credit card companies are known to pull students in by giving them free things — food, t-shirts, mugs, etc…and everyone gets sucked in at one point or another!
Check out their website, I guarantee you will learn a lot more than you thought you would know about credit cards, debt, and how the credit card companies scam you! The Truth About Credit Campaign website offers tips, information, statistics and facts and a lot of other interesting things.
