Paying for College with a Credit Card?
A recent study by Demos, College on a Credit Card shows that student loans are not the only financial problem plaguing today’s college students and their families.
Many families are turning to credit cards to pay for part of their student’s education.
The study found credit card debt is causing some students to put their education on hold. Thirteen percent of households whose current credit card balance includes some college expenses report the student leaving school to deal with credit card debt.
Paying for part of their child’s college education on a credit card has put many families in debt for an extended period of time. Sixty percent of indebted households who had college expenses for a child in the past three years report that those expenses contributed to their current credit card debt.
The nationwide survey of low- and middle-income households was conducted in early 2012.