many young people misuse credit cards without meaning to. They often start by making the lowest payment required.
Over time, their credit limit is increased, but they do not pay off their debt. Young people can take on more debt than they can deal with.
The government says forty-five percent of college students have credit card debt. The average amount owed is more than three thousand dollars.
High credit limits are especially dangerous for college students.
John Ninfo is a bankruptcy judge in Rochester, New York. He started the Credit Abuse Resistance Education Program.
It provides resources on its Web site for parents, teachers and students about financial issues.
Judge Ninfo says he often sees people in their late twenties seeking bankruptcy protection in court.
He says the combination of credit card debt and big student loans is burying young people in debt and driving many of them to bankruptcy.
The results of bad credit can be serious.
Seventy percent of employers look at the credit histories of job candidates.
In some fields, like law enforcement, bad credit means you cannot get a job.
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