When UF senior Amy Perez gets her credit card bill, she knows there is no hope of paying everything at once. Perez, a psychology major, has three credit cards she uses to pay for school expenses, such as tuition and books. She is near the limit on all three.
Credit cards are common among university students in the United States.
A study by professors at Iowa State University found that 76 percent of students hold three or more credit cards while 40 percent had six or more. There are many reasons for students to get credit cards, but the lack of financial aid is not one of them, said Rodlee Ritter, UF student affairs coordinator of the customer service area. Students have other options such as grants, scholarships and loans that can help them meet their financial needs, said Robert Lynn, UF coordinator for student financial affairs. The average student does not realize that credit cards are loans that must be repaid immediately, he said. The interest rates are around 18 percent and you have to pay each month.