Research Pinpoints Financial Literacy as Key to Preventing Student Credit Card Debt

Posted on October 11, 2007
Filed Under Advice, Students Credit Cards | 1 Comment

Millions of Americans struggle with credit card debt-and college students are no exception, according to a recent study by a Buffalo State College researcher that points to a general lack of financial literacy as the No. 1 reason.

Look into the purse or pocket of any college student and research indicates that you will find an average of $1,035 of credit card debt. Ask that same student what the interest rate is on the credit card, and you will likely end up with a number that is far from accurate.

“It comes down to a lack of financial literacy and students generally not knowing the importance of tracking their spending,” said Jill Norvilitis, associate professor of psychology, who chaired the study. “While a majority of college students will do just fine with their credit cards, there is a select group of individuals who can end up way in over their heads.”

Comments

One Response to “Research Pinpoints Financial Literacy as Key to Preventing Student Credit Card Debt”

  1. Sam on October 31st, 2007 6:10 AM

    This site is Pretty Good…. Now-a-days every student is showing interest in purchasing credit card .

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