SILVER SPRING, MD -- (Marketwire) -- 11/03/10 -- Did you know that almost one-half of all college students have accumulated more than $3,000 in credit card debt? Or that one in 10 graduates owes as much as $7,000? When students arrive on college campuses for the first time, they may encounter offers to obtain credit cards. Many college students are faced for the first time with the responsibility of managing their own finances. But no one ever explains how to use credit responsibly, or the consequences of mishandling credit.

That is why the NFCC® (National Foundation for Credit Counseling®) has produced "College Credit for Life," a nine-minute video that introduces students to lessons surrounding the temptations and responsible use of credit cards. Much of the video features young people talking about the mistakes they themselves made in college. The video also features other voices, in the form of an apartment rental agent, a car salesman, and a human resources executive, all discussing the implications that both responsible or irresponsible use of credit can have as students prepare to move on from college and into the real world.

It is important for college students to understand the advantages and disadvantages of using credit cards. Here are some tips to keep in mind when using a credit card:

• Understand the terms of your credit card
• Consider using a debit card to control spending
• Use your credit card enough to keep it active, but do not get into the habit of putting all purchases on it
• Only carry your credit card with you when you intend to use it, as more plastic in your wallet equals more temptation
• Do not charge more than you can pay in full when the bill arrives
• Record each charge in your check register as though you were paying for the purchase on the spot
• Never use more than 30% of your available credit line

Also available with the video is a sample lesson plan for classroom instruction and a financial literacy true/false quiz. The College Credit for Life video and Tool Kit can be downloaded for free by visiting http://www.nfcc.org/FinancialEducation/Credit/college_credit.cfm.

The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation's largest and longest-serving national nonprofit credit counseling organization. The NFCC's mission is to promote the national agenda for financially responsible behavior, and build capacity for its Members to deliver the highest-quality financial education and counseling services. With more than 800 community-based offices nationwide, NFCC member agency educators are uniquely qualified to deliver important financial education to complement this video. To find an NFCC agency near you, call 1-800-388-2227 or visit www.nfcc.org. Visit us on Facebook at http://www.facebook.com/NFCCDebtAdvice, on Twitter at http://twitter.com/NFCCDebtAdvice, and on our financial education blog at http://financialeducation.nfcc.org.

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