Don’t apply for more credit cards if you are carrying balances on other cards.



Financial Football



















You're 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 financially responsible.

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 card unwisely.

You want to graduate with a degree, not debt.



Steven Grossman
Commonwealth of Massachusetts
State Treasurer and Receiver General