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Study: Over Half of College Students Have Credit Cards

by Peter Andrew
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.

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