Are college students financially prepared?

• Position: YOUR LIFE

College campuses across the nation are hotspots for meeting new people, gaining a valuable education, and creating lifelong memories. While the college experience can be a positive one, many students who are unprepared to deal with financial situations may find themselves in mounds of unwanted credit card debt. Will your child be financially prepared when he or she heads for campus this fall?

According to a study released by Nellie Mae, the average credit card debt held by undergraduate students is $2,169. The majority is using them to purchase school supplies, textbooks, and food. The percentage of undergraduates who will start the academic year with credit cards is around 76%.

It seems the biggest challenge for college students is just trying to keep their heads above water. In addition to tuition costs, there are living expenses, and if students do not have help from their parents to cover these items, they often end up putting them on credit cards and different forms of debt that have high interest rates. Moreover, collegians continuously are targeted by credit card companies, which provide them with easy access to opening new accounts. The companies push promotional freebies and/or sale discounts to students on campuses, at sporting events, and...