Almost half of all the professionals I know complain about either their student loan payments or their credit card payments. A few can’t even afford their own place because their debts are so high. What are college students doing wrong?
I believe that we simply don’t teach our young people how to wisely manage their finances. Personally, no one ever sat me down and talked about credit, interest, saving and debt. This is partly because my parents didn’t understand those things either.
Most college students don’t understand the consequences of credit cards. The average undergrad in 2004 had four credit cards and over $2,000 in debt. Seniors had the highest balances, probably because over time it simply builds up.