Are You ‘Credit Wise’? Information Every College Student Should Know
Michael Foley, Broadside Correspondent As you read this, college students nationwide are irresponsibly managing their finances. Last year, the average college undergraduate carried $3,173 in credit card debt, the highest level since the data was collected in 1998. In 2004, college students had on average $2,169 in credit card debt. With college costs surging and the cost of living in the D.C. area increasing, the need for more education in personal finances needs to increase as well. As a peer educator for the Are You Credit Wise? financial literacy program, I would like to lend a few tips on how college students can better manage their money. I’ll start with the basics: credit cards. It can be your savior in an emergency or the devil in disguise. With today’s job market becoming more competitive year after year, employers are beginning to pay special attention to an applicant’s credit score to see how responsible they are at handling their finances and, in some cases, their life. Let me give you the most commonly disregarded trait about a credit card: interest rate. If you were to charge $1,000 to your credit card and only make the minimum payment each month, it will […]
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