Consumer Alert: College, Cash, and Credit Card Debts. What Every Student Should Know About Credit Card Offers

Deanna Dewberry

Updated: August 09, 2022 20:07
Created: August 09, 2022 20:00

ROCHESTER, NY (WHEC) – Sixty-four percent. This is the percentage of students who have credit card debt. And that is the subject of this consumer alert. This debt can accumulate quickly because interest rates for young borrowers are very high. According to a study last year by College Finance, the top three expense categories for students using credit cards are online shopping, restaurants, and gas.

Until recently, credit card issuers could be predatory, descending on college campuses like birds of prey, setting up tables in dorm lobbies and the student union, and dumping credit card offers into your bag. at check out when you purchase your books. You’d like to know why ? These companies paid colleges for access to students. The deals were secret, and credit card companies offered giveaways like T-shirts and giveaways enticing students to sign up for cards that often had very high interest and fees.