Each year when school sessions start, credit card companies start hitting student mailboxes with multiple credit card offers. Unfortunately, many students accept these tempting offers, use the cards enthusiastically, and then find themselves – even before they graduate – way over their heads in debt.

A recent survey of undergrads reported these startling numbers:

• The average number of credit cards per student is 3.2


• The average credit card debt per student is $1,843


• 9% have credit card debt between $3,000 and $7,000.

While credit cards are helpful, using them wisely is important. Here are a few guidelines for students:

• Limit yourself to one credit card which you can use for emergencies. Look for a college credit card that has lower limits and no annual fee, to help you learn how to successfully manage your credit.


• Pay cash whenever possible. A MCCU Debit Card can help. It offers the wide acceptance of a MasterCard, but draws on the funds in your checking account.


• Never charge more than you can easily repay in 2 to 3 months. Finance charges over long periods are very costly. Making the minimum payment only will keep you in debt.

Call (888) 5-OPT-OUT or (888) 567-8688 to have national mailers stop sending pre-approved credit card offers.

Find out more about MCCU’s Credit Cards or call us today to apply!

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