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(KSL News) -- A group of East High School students today received some real world knowledge about the "do's and don'ts" of credit cards. Zions Bank Vice President Peter Morgan explained why people in their late teens wrack up debt quickly.
Peter Morgan, Zions Bank: "They charge 'em up to the full balance, they can't pay them off, they don't pay on time and they pay late fees, late charges, default interest and it ruins their credit report and ends up costing them hundreds of thousands of dollars."
BankRate.com says the typical credit card purchase ends up costing 112-percent more than if cash was used. Most East High students say they now know how to use credit cards correctly.
Rachel Barker, East High School Student: "I wasn't really aware of the credit card interest rates or how dangerous it could be, but it's helpful to know to pay off your debts and stay on top of things."
Morgan spoke with students in a General Financial Literacy class.
