Credit Card Relief

 

With the cost of higher education on the rise, college graduates are leaving school with record debt. But it isn’t just student loans that are putting grads in a credit hole. College students are using credit cards at rapidly growing rate.

The average college graduate racks up $20,000 in student loans and credit card debt . Nearly 20% of 18- to 24-year-olds are in "debt hardship," up from 12 percent in 1989.

Here are some more startling facts about college students and graduates when it comes to credit card debt. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)

     - 84% of the student population had credit cards in 2009. That’s a jump of approximately 11% since the fall of 2004.

     - Only 2% of undergraduates have no credit history. 

     - Half of college undergraduates had four or more credit cards in 2008. That's up from 43% in 2004 and just 32% in 2000. 

     - Since 2004, students who arrive on campus as freshmen with a credit card already in-hand increased from 23% to 39%.

     - From 2004 - 2009, median debt grew from $946 to $1,645.

     - In spring of 2008, only 15% of freshmen had a zero balance, down dramatically from 69% in the fall of 2004.

     - Undergraduates are carrying record-high credit card balances. The average balance is $3,173.

     - 21% of undergraduates have balances of between $3,000 and $7,000.

     - Seniors graduate with an average credit card debt of more than $4,100, up from $2,900 in 2005.

     - Close to 20% of seniors carry credit card balances greater than $7,000.

If you’re struggling to pay down student loans or credit card debt, CCRNow can help. We’re a true attorney driven program that can help you get out of debt safely, legally and with peace of mind. We don’t collect any fees until your debt is settled. Click here to learn more about eliminating debt without bankruptcy, or call 1.888.674.6540 to get advice from an enrollment specialist right now.

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