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For students who lacked an education in personal finance, a debt management plan may be an option for dealing with credit car
By Marvin Milner on Feb 25th, 2010
A recent report from the Minneapolis Star Tribune highlighted the efforts of a university administrator who is trying to expand financial education.
According to the report from the paper, Ellen Richter-Norgel has worked for three years in order to achieve her goal of having a student financial center at St. Catherine University, which is located in St. Paul, Minnesota. The point of having the center is to educate students about things like credit card debt while helping them with student loans.
"Most colleges offer some form of financial education on campus, but it varies greatly," the report said. "Some schools don't do much beyond passing out a brochure on debt during freshman orientation."
Given recent numbers from Sallie Mae, getting consumer education to younger people may be more important than ever. A report from the company shows that the average amount of credit card debt carried by graduating college seniors increased from $2,900 in 2004 to $4,100 in 2008.
Though programs like the one at St. Catherine University may help current students, others may be already too far into debt in order to deal with the problem. Those students may consider a debt management plan, which can help reduce the amount of interest people end up paying on debt from cards.
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