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. Or, you can call (800) 388-2227 to find a non-profit affiliate of the National Foundation for Credit Counseling. This organization helps debtors get a handle on their bills and repair their credit while also meeting their obligations.

Just remember – you don’t need a wallet-full of credit cards, but when you do get one, be sure to use it wisely.

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