Managing DebtIn College Can Be A Real Test (NAPSA)—For manystudents, college can be a crash course in learning how to managetheir personal finances. Freshmen, in particular, often fall short when it comes to financial literacy, especially with credit card companies a popular fixture on the majority of college campuses. Eager to establish consumer loyalty, credit card marketers often dispense “freebies” to students in the way of water bottles or T-shirts in exchange for their signature on a credit card application. The downside for many of these students is a longterm lesson on credit card debt. A recent survey by Sallie Mae found that more than half of college students accumulated more than $5,000 in credit card debt while in school. Of the 13,000 respondents, one-third piled on more than $10,000 in credit card debt while in school. Only 19 percent said they did not acquire any credit card debt duringcollege. “Living within your means can be a challenge at any stageoflife,” says Martha Holler, spokesperson for Sallie Mae, the nation’s leading saving- and paying-for-college company. “Too often, however, the convenienceof a credit card makes it all too easy to purchase unneces- “Chance ASK THE EXPERT According to a recent survey, more than half of college students accumulated more than $5,000 in credit card debt while in school. To help students become more debt savvy and establish responsible money management practices, Sallie Mae created www.SallieMae.com/BeDebtSmart. The Web site offers valuable tools and resources for both students and parents, with information organized into various consumerlife-stages, including those about to enter college, students ready for graduation and consumers beginning to repay their student loans. Among the content users will find on the site is Sallie Mae’s 1-2-3 approach, as well as information on the 10 rules of smart credit management, what to do if you are having financial difficulties in school, credit scams, sary items. guarding against identity theft and the new laws regarding bankruptcy and student loans. To learn more about how to be chase,” she adds. www.SallieMae.com/BeDebtSmart. “Using credit and incurring high debt can mean you pay more in interest—often a lot more— than the cost of your original pur- debt smart, visit the Web site at
