Released: June 04, 2007

Beware these credit card traps

Source: Paul Wenske, Kansas City Star

One of the biggest challenges facing the 1.5 million or so new college graduates is learning to use a credit card wisely.

Many grads already carry an average card balance of nearly $3,000, according to studies.

That debt can balloon depending on choices grads make as they embrace their new freedom and sort through the bombardment of new credit card offers that consumer groups say are getting trickier.

“Credit cards are a tool,” said Linda Sherry, editorial director for Consumer Action, a national consumer group that tracks credit cards. “They aren’t fake money. People are putting themselves into debt every time they take one out.”

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