Seventy percent of American college students have credit cards. More than ninety percent of those carry a balance every month yet five out of six of them don’t even know their interest rate. If these statistics aren’t enough to make you tear up about the sad state of American college students’ financial literacy, maybe you should know that a majority of those students surveyed were business students. Yes, the future of American business knows little to nothing about the credit cards they’re swiping for beer runs on a Saturday night. Unfortunately, if they don’t do something about this now, they’re going to have to learn about it in the school of hard knocks when they can’t get that business line of credit because their debt to income ratio is through the roof.
Of course, for those currently attending the University of I-O-U, you should call a debt settlement attorney. It is a private solution that can help you out of the financial black hole you’ve dug yourself in and often a much better financial decision than filing for bankruptcy.