Debt rises with soaring tuition

College Credit Card Debt

USAToday.com reports college students are feeling the pinch with rising tuition costs, and that is turning into more credit card debt for some.

Sallie Mae, a college financing company, reports the highest credit card balance average since reporting started in 1998, with  a new average balance high of $3,173 in credit debt for undergraduates. In 2004 the study showed an average balance of only $2,169.

The study shows that with the rise of tuition, students are paying for textbooks and supplies with credit.

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