credit cards

5 surprising stats about credit

Student credit card debt is not out of control
Next
2 of 7
Back
Diverse group of young adults

"In contrast to student loan debt, student credit card debt is far less onerous, far less pervasive and far less significant," says Eric Weil, managing partner at Student Monitor, which conducts a biannual financial services study among college students. The study involves in-person interviews with 1,200 students at 100 representative college campuses across the nation.

According to the Spring 2010 Student Monitor Financial Services Study, among the 37 percent of students who carry a balance on a credit card issued in their own name, the average amount owed is just $513. One reason: The credit limits on their accounts aren't that high.

"When you hear these stories about a kid having $15,000 worth of credit card debt, that's interesting since the average credit limit is only $2,380," Weil says.

Tip: Find out how the Credit CARD Act of 2009 affects young credit seekers.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.80% --0.00 15.80%
Cash Back Cards 16.42% --0.00 16.42%
Low Interest Cards 11.09% --0.00 11.09%
 
Search
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Credit Card Blog

Jeanine Skowronski

Staples: 1.16M cards compromised

Another data breach has become official in 2014. Staples confirmed on Friday that  approximately 1.16 million consumer credit and debit cards were compromised as part of an incident it has been investigating since October. According to Staples, hackers obtained cardholder names, payment card numbers, expiration dates, and card verification codes, after sneaking malware onto the point-of-sale systems  ... Read more

Partner Center
advertisement

Connect with us