One in four college students says they have credit card debt, according to a new survey by U.S. News and World Report. And with interest rates topping 20 percent, those students could be in debt for years. On Your Side's Kristine Lazar has more on the biggest mistakes college students are making with their credit cards.
One in four college students says they have credit card debt, according to a new survey by U.S. News and World Report. And with interest rates topping 20 percent, those students could be in debt for years.
"If you consider they probably also have student loan debt they're going to have to pay off when they get out of college, and when you add credit card debt to that, that can really put them behind as soon as they graduate from college," said Beverly Harzog, credit card expert and consumer finance analyst at U.S. News and World Report.
Cal State Northridge student Florentino Gonzalez has about $1,200 in credit card debt. He says he uses it for the essentials, like groceries.Even with a part-time job.In the survey, college students were asked to define common credit-related terms, and they did not get a passing grade: Only 19 percent knew how a credit score is measured.
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