Study: Over Half of College Students Have Credit Cards

Study:

Over Half of College Students Have Credit Cards

The Associated

Press is reporting today on an analysis by the American

Council on Education that finds over half of college students

have their own crtedit cards, and 40% of such students carry

balances month to month, meaning they are paying interest on

their purchases. (Index Credit Cards estimates the average

student credit card rate at 16.31%.) Further, about a quarter

of students with had credit cards had used them to pay college

tuition.

As

might be expected, older students had accrued more debt over

the course of their college careers, while freshment had less

debt. Students from poorer families were more likely to carry

balances than students from higher-income families.

Published 07/18/06 (Modified 05/07/12)