Tuesday, April 21, 2009

Survey on Student Use of Credit Cards

Sallie Mae just completed a survey of credit card use among undergraduate students. Included in the key findings was an increased reliance on credit card debt.

Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study.

More than half the students were surprised a their high balances and 82 percent carried balances incurring finance charges. Not surprisingly, 84 percent indicated they needed more information on personal financial management that could be provided in a personal finance course.

credit card debt

The full report is available at How Undergraduate Students Use Credit Cards: Sallie Mae’s National Study of Usage Rates and Trends 2009

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