While it may be tempting for college students to whip out a credit card and simply charge their expenses, experts warn that that kind of mentality could end up hitting students harder than they think. For all the benefits of building a credit history early in life, there are many more drawbacks for not meeting monthly payments on credit cards. Nationwide, elderly and younger people are facing increasing amounts of credit card debt because they don't understand how credit cards work or fail to correct their spending habits. According to www.creditcards.com, 83% of college undergraduates have at least one credit card with an outstanding balance of more than $2,300! Meanwhile, the combination of credit card debt and student loans can be crushing to students looking to find a career and build a life after college. How can this be avoided? Simple, just remember to spend less than you earn, diversify your investments, save regularly and often, and remember rule number one.