According to the United States General Accounting Office's Consumer Finance report, 63% of college students have at least one credit card. Of these card-swiping pupils, 59% reported paying their bill in full monthly. Of the remaining students, the average balance was $577. Between 14%-16% had balances exceeding $1,000 and only 5% exceeded $3,000. These numbers seem relatively low and I have to admit that they surprise me. I was sure that a larger percentage of college students would own credit cards and have higher balances because they are so easy to access.
A little more than 1/3 of all credit card owning college students claimed that they obtained their card through mail solicitation while 1/4 got their cards from campus displays. I remember receiving countless credit card applications in the mail after my 18th birthday and I can imagine how students desperate for more money would be tricked by the colorful wording of the company. Students use their credit cards to purchase books, supplies, food, clothing, entertainment, school fees, and tuition.
Personally, I do not own a credit card because I'm almost positive I would not be punctual with the payments and therefore would accumulate more debt. I say- stick to debit cards, they won't work when you try to use money you don't have.
4 comments:
You made good points in your blog. I too will not sign up for the countless amounts of credit cards that I have een offerred in the mail since I know it will lead me to being in debt.
You have a great source and demonstrated your knowledge of the info very well. I liked that you included where and how students obtain credit cards instead of just how much debt they have.
I thought you source was very credible and the information you added was very relative and informational to the topic. It was very easy to read the way you broke up the paragraphs.Good work.
Good advice, I use a debit card too. Great facts and numbers and your source was professional. Maybe you could add some more helpful hints to students that already have credit cards problems.
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