young, you want your independence and think a credit card is just what you need
to achieve your goals. But be cautious, credit cards aren’t free money and the
convenience comes with a charge; interest. This interest charge adds up making
it harder to pay off your bills.
For example, if you were making the minimum 2.5 percent monthly payment on a
$1,000 outstanding balance with 19% interest, it would take seven years to
repay and cost $730 in interest.
The implication of debt and how it follows you long after college needs to be
addressed. The average College graduate has between $20,000 and $100,000 in
student loan debt on top of the average $2,864 to $5,000 in credit card debt.
As State Treasurer it is my personal mission to educate you about how to use
credit cards wisely. Caution with Credit is my new statewide Massachusetts
initiative developed in partnership with Consolidated Credit Consulting
Services, Inc. to provide the tools and information needed to learn how to be
Use Caution with Credit as a resource to answer your questions and live free of
credit card debt. You don’t want to be financing those late night pizzas or
spring break trips into your thirties. This will happen, if you use your credit
You want to graduate with a degree, not debt.
Commonwealth of Massachusetts
State Treasurer and Receiver General