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Consumer Reports advises college students on responsible use of credit
August 24th, 2009 - Posted by Caitlin
In anticipation of the start of a new school year, Consumer Reports is blogging about personal finance issues for college students. Today's post kicks off the series by addressing credit card debt.
Some points worth noting:
- 84% of undergraduate students have at least one credit card, and more than half have four or more.
- Only 17% pay off their balance each month.
- The average balance is $3,173.
- Recently passed credit card reform will regulate credit card companies' aggressive marketing toward college students.
- The new rules will require consumers under the age of 21 to provide either a co-signer or documentation of their ability to repay card debt in order to obtain a new credit card.
Consumer Reports recommends that students begin building a good credit history by finding a credit card with no annual fee, using the card to charge a recurring expense, and paying off the balance in full and on time each month. If you are in the market for a credit card, check out our reviews and comparison chart. And if you're concerned about building and maintaining a good credit history, you may be interested in learning more about credit report monitoring.
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