According to a 2009 study by Sallie Mae, the average credit card balance for college students was $3,173.
Only 15% of college freshman surveyed had a zero balance.
Of overall students, 82% carried a balance and had monthly interest charges. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 put new rules in place to help consumers better understand their credit cards and cut down on unfair practices from credit card companies. Of those rules, there are some that college students should be especially aware of.
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