"In contrast to student loan debt, student credit card debt is far less onerous, far less pervasive and far less significant," says Eric Weil, managing partner at Student Monitor, which conducts a biannual financial services study among college students. The study involves in-person interviews with 1,200 students at 100 representative college campuses across the nation.

According to the Spring 2010 Student Monitor Financial Services Study, among the 37 percent of students who carry a balance on a credit card issued in their own name, the average amount owed is just $513. One reason: The credit limits on their accounts aren't that high.

"When you hear these stories about a kid having $15,000 worth of credit card debt, that's interesting since the average credit limit is only $2,380," Weil says.

Tip: Find out how the Credit CARD Act of 2009 affects young credit seekers.