Credit cards can lead to a lot of debt
Spencer Jones has had a credit card since he was 18 years old.
But he hardly ever uses it.
“I’m afraid to because I don’t want to run the balance up,” said Jones, a Kentwood sophomore.
Not enough people utilize Jones’ philosophy, said Charles Walmsley, financial planner and finance and law professor.
College students often run into problems with credit card debt because they use them for everyday expenses, Walmsley said.
“The biggest mistake college students make when it comes to credit cards is living beyond their means,” he said. “They tend to spend more money than they have.”
The average college freshman carries $1,500 worth of credit card debt, according to a 2005 study by student loan company Nellie Mae, and 56 percent of undergraduates have obtained their first credit card by the age of 18.
“Credit cards are very easy to acquire for college students, making credit card debt prevalent for them,” Walmsley said. “Credit card companies will relax credit standards to take on more customers at a higher rate, like college students.”
For complete story http://www.cm-life.com/vnews/display.v/ART/2006/11/27/456a6439d2d3d
posted by Tom at
11:32 PM
1 Comments:
faster money
From: joe
Date: 9/13/2003
Time: 5:12:25 PM
Remote Name: 24.225.152.219
Comments
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ACT FAST AND GET MONEY FAST HONESTY AND INTEGRITY MAKE THIS PLAN WORK COPY THE NAMES CAREFULLY AAND ENJOY YOUR MONEY!!
1.ANNA MITCHELL 726 LAZY CREEK RD. ALBERTVILLE, AL 35950
2.HANANE BOUCHAN Quartier administratif Ouled Berrehil Taroudant Maroc
3.Joseph Cladd 91 Churchill Ave. Somerset, NJ 08873
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