Unfortunately, this is the case for many graduating students. You may have seen recent reports and news stories about enormous student credit card debt. Or worse, you may be experiencing it firsthand! You are not alone.

According to Nellie Mae, a leading provider of higher education loans, a study of last year's student loan applicants showed:

Graduate Student Credit Card Debt

- Students with no Credit History 1%

- Students with a Credit History having no Credit Cards 4%

- Student with a Credit History and had Credit Cards 95%

Of the 95% who have credit cards:

- Average number of credit cards = 4

- Average credit card debt = $4,776 (median=$3,068)

- 20% have credit card debt between $6,000 - $15,000

- 6% have credit card debt greater than $15,000

Undergraduate Student Credit Card Debt

- Students with no Credit History 12%

- Students with a Credit History having no Credit Cards 10%

- Student with a Credit History and had Credit Cards 78%

Of the 78% who have credit cards:

- 32% have four or more cards

- Average number of credit cards = 3

- Average credit card debt = $2,748 (median=$1,236)

- 13% have credit card debt between $3,000 - $7,000

- 9% have credit card debt greater than $7,000

So what's the lesson? It