“If you were to put $5,000 on a credit card, were to have (an) 18.9 per cent interest rate and paid the minimum payment every month, the total cost of borrowing would be $13,068.42 paid over 28 years,” - Christi Quinn.One of my colleagues and University friends was featured in the University of Winnipeg paper called The Uniter.
I include the above quote for emphasis. I have met several students who were not willing to use Government Student Aid (because it will take forever to pay off) but were completely willing to use credit cards, as companies almost throw credit cards to students. What some students don't realize is that they end up paying a lot more for much longer using a credit card.
Read the article here. Read more about the Credit Counselling Society here.