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...aid provider Nellie Mae reported that percent of undergraduate students had credit cards in 2005, with an average balance of $2,169. An alarming 25 percent of undergraduates had credit card balances totaling $3,000 or more. Handling payments on $2,000 worth of debt when you don't yet have a job and are accumulating tens of thousands of dollars in student loans is a scenario that could seriously damage a student's credit rating.
Rhonda Reynolds racked up $8,000 worth of debt on an American Express card while attending New York's Baruch College. Necessities like a laptop computer for school combined with a penchant for clothes shopping and expensive meals left Reynolds unable to make the minimum payments from her part-time drugstore worker's salary.
"My parents made sure I had a credit card because they didn't want men buying me things," says the petite Manhattan beauty. "I...
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