Many college students are piling up credit card debt, and quickly, according to a report in the Columbus Dispatch, which cited statistics from Sallie Mae. Many students are now taking on credit card debt to pay for things like tuition and other expenses related to attending college.
The report said that while it may be advisable that students carry one card in case of emergency, having more can sink them in serious financial trouble. The average undergraduate carries 4.6 accounts in their name, and over $3,100 in credit card debt. College seniors have even more debt, as well – about $4,100 on average.
Many experts advise that parents should talk with their children about issues related to their finances so that the kids have a better understanding of the peril they can find themselves in if they spend irresponsibly.