The average college student has 4. 6 credit cars and a balance f more than. ,000 (only 17% pay off their credit card balances in full each month). The credit card act (credit card accountability, responsibility, and. Disclosure act): singed in 2010 and includes reforms aimed at limiting both the access credit card companies have to students (1,000 ft. from campus) and the amount of credit students are given. Personal financial management: the study of he economic factors and personal decisions that affect a person"s financial well-being. Standard of living: the necessities, comforts, and luxuries a person wants to achieve or maintain. Personal finance affects our lifestyles the way we live our daily lives. The slow growth of income makes it necessary for you to need to save and invest more money, stick to a budget, and make major purchases wisely.