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.”
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One Response to “Research Pinpoints Financial Literacy as Key to Preventing Student Credit Card Debt”
This site is Pretty Good…. Now-a-days every student is showing interest in purchasing credit card .