"I have about $ 10,500 worth of debt," Philliou, 21, CNN said in a recent interview. He used to work full time as a sales representative in the gym, but lost their jobs last summer, and says that his financial situation went quickly downhill.
"My money gone. ... I do not want to spend all my savings, so I put some things on my credit card," said Philliou. "When I had to go shopping, I'd like it to have."
Nationwide, students use credit cards more and more as an economic crutch, according to Student loan giant sallia Mae. In a report released this month, the lender speeks students carry a record balance: an average of $ 3,173 for undergraduate, up 46 percent since 2004, and more than $ 4,100 to upgrade older, and to 41 percent since 2004.
The study found that freshmen made an average debt of $ 939, almost triple the $ 373 five years ago. Only 15 percent of freshmen mali zero balance - a drop of 69 percent with zero balance in 2004.
"Some uncertainty about personal loans, if too many students rely on loans is a last resort - that is, his credit card - - University of cost and financial - has a pocket costs."
The study, based on a survey of 1200 students, aged 18-24, including 60 percent of the students were surprised how high on their balance sheet, was 40 percent and pay, although they know they can not in that part of the law .
Given Philliou blame his situation on the part of the decrease. But it also includes debt payments on two luxury cars, and recognizes that it is not always the best financial decisions.
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"I am a part of the victims of the economic slowdown," said Philliou. "... And this is partly a victim of the waste life, you could say."
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