College students should be cautious on using credit cards
Credit card debt for the average American household is just shy of $10,000 - that’s almost triple what is was in 1990.
Some financial advisors say a credit card crisis could follow the mortgage crisis we’re in and that college students are leading the way. Most students at Darton College say they are frugal with they’re credit card spending but not one of them knew the interest rate on their cards. Many said they use their cards for emergencies, books, or gas.
Economics Professor Aaron Johnson says that kids are more independent in college and now have to deal with their own financial burdens which often get them into trouble.
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