Credit Facts

Between 2000 and 2007
(the most recent study completed):

• Total debt per household rose 58% (from $68,864 to $108,773).

• Education-related debt increased 111%.

• Cost of college tuition at a four-year public university increased by 47%.

• Annual income for young families (ages 34 or younger) decreased 5.4%.

* This is all while the average American’s personal consumption rose 44%!

Today:

• The average college student carries with them 4.6 credit cards.

• One in four people who file for bankruptcy is under 25 years of age.

• Over 3.2 million young workers are unemployed (twice as many as in December 2007).

• One third of students in college (ages 18-25) rarely or never discussed credit card use with parents.

• Nearly ALL undergraduates admitted they did not have enough education on financial management topics before turning of age to take out loans and or use credit.