When the bills stack up, an easy way for students to pay them off is with credit cards.

An ISU Financial Counseling Clinic survey reported that 72 percent of ISU students have at least one credit card. The same survey found the average credit card debt for ISU students is $2,089. Both of these figures are below the national averages.

Mark Oleson, director for the ISU Financial Counseling Clinic, said maintaining credit cards is a good idea – if the student understands the hidden charges and consequences of missed payments and large balances.

“[Credit cards] can be beneficial if [students] know what they are doing,” he said. “But if they don’t, it will cause them problems in the long time.”

Credit card applications are sent to both ISU students and staff by a company called MBNA.

Although MBNA isn’t the only credit card company that solicits students, Diane Van Wyngarden, Alumni Association vice president, said it is the only credit card company that can display the Cyclone trademark.

“At the Alumni Association, we are not directly involved in the marketing of programs because of our non-profit status,” she said. “We have to rely on their experiences and market research of the frequency of direct mail solicitation.”

ISU students have lower balances and manage credit more effectively than other similar institutions, according to a MBNA report given to the Alumni Association, Van Wyngarden said.

When looking for a credit card, a student should read and understand the creditors’ rules and regulations, Oleson said.

“[A student] should know that you don’t need to pay an annual fee,” he said.

An annual fee is a fee that credit card companies charge to use their card, Oleson said.

He said he recommends students choose cards with a long grace period, such as 25 days. This means a student has 25 days to pay off the balance before the company charges interest.

Interest rates also are a factor in choosing a card, Oleson said.

“You should try for the lowest [rate] you can get,” he said. “An interest rate for a student is 13 to 16 percent. When you are out of school, a good rate is 9.9 percent.”

Having more than one credit card isn’t a bad thing, Oleson said. From ISU Financial Counseling Clinic’s survey, the average number of credit cards ISU students have is 2.25. About 12 percent of ISU students reported they have four or more credit cards, he said.

“Loan officers want to see that a student can handle multiple accounts,” he said.

When students find they have credit card problems, a good place to turn is the ISU Financial Counseling Clinic, Oleson said. The service is funded by the Government of the Student Body and free to students

“It’s a confidential service, but if [a student] doesn’t feel comfortable, we do a lot of work over the phone or through email,” he said.