U.S. credit card debt is at an all time high at $1 trillion and college students are getting hit hard due to more interest and higher APRs
U.S. Credit card debt recently hit a record $1 trillion and research shows that 42% of college students are a large part of that number.
Financial experts say we’re seeing more people struggle with their finances and use credit cards for basic living expenses. University of Houston student Zarek Rashid says it can be"College is already expensive enough. I have a considerable amount of credit card debt, and I’m able to just barely manage it" Rashid said. He and other college students across the U.S. say they’re struggling to keep up with their credit card payments.
Research shows more than 4 in 10 college students say they are trying to pay off some type of credit card debt. University of Houston's Beaur College of Business' Financial Expert John Lopez says it's because their balances have largely increased. "Credit card debt is rising for college students as well" Lopez said."The APRs for people that don’t have a credit history tend to be higher, and college students fit into that."Wakell Johnson is a University of Houston student. He says he notices many of his peers depending heavily on credit.
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