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How should college students handle their first credit card?
A WalletHub study found 85% of college students have cards, and experts say low limits and on-time payments can help avoid costly debt.
- Nearly 85% of college students carry credit cards as campuses emerge as prime targets for lenders seeking new customers during the college years.
- A WalletHub study reveals 20% of students carry balances over $5,000, averaging $2,100, while the Consumer Financial Protection Bureau reported in 2024 that colleges can "steer students into more expensive products."
- Financial planner Corinna Rose of Benicia, Calif., accumulated over $20,000 in debt early in life and advises: "If you don't already have the cash in your checking account, don't swipe."
- The 2009 CARD Act limits aggressive credit marketing and prohibits issuing cards to those under 21 without a co-signer, mandating debt education for new students.
- Gregory Guenther, a financial planner, recommends adding teens as authorized users on family cards early to build credit; aiming for a FICO score of 670 signals good credit history.
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13 Articles
13 Articles
Coverage Details
Total News Sources13
Leaning Left2Leaning Right0Center11Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
15%
C 85%
Factuality
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