Many college students are now growing wary of taking on credit card debt and opening new lines of credit, and as a consequence are beginning to shun these accounts.
Fewer college students are now using their credit cards and carrying a debt from one month to the next, according to a report from Tampa, Florida, television station WTFS. Recent statistics from the credit monitoring firm Experian showed that credit card balances for college-aged consumers rose just 0.4 percent in 2010, down considerably from the 13.3 percent growth rate observed three years prior.
In addition, many young adults may now be growing more cautious of these accounts because a larger number of college are teaching financial literacy courses as a requirement to help students stay debt free, the report said.
"Credit cards are a big part of that," University of South Florida financial aid services director Billie Jo Hamilton told the news station. "They tell students if you can wear it or eat it, don't put it on a credit card."
New federal laws have restricted the way in which credit card companies can market and grant credit cards to those under the age of 21.