According to Consumers Union, the nonprofit publisher of Consumer Reports, credit card companies are targeting college students this fall before reform enacted by Congress can take place.
From the website, "Make sure your student and others you know have the facts about easy credit. The average undergrad carries a $3,170 balance, and can face interest rates up to 35 percent if they miss a payment. A mistake made at 18 can stay on their credit report until they are 25 hurting their chances at renting an apartment or buying a car."
Go back and read that paragraph. Let the information sink in. One missed payment can result in interest rates up to 35 percent.
I have known some students who have had to quit school in order to pay off their credit cards.
Here's the kicker: if they fell behind on payments, then that credit report could keep them from getting higher paying jobs. Employers routinely pull credit reports to see if people will be responsible employees.
Check out the article, other resources, and the "Money Mom Care Package" at this website: