Here are some sobering statistics regarding college students and credit cards:
- College students receive an average of 5 mailings and 4 phone calls each month urging them to apply for a credit card.
- Students entering college are offered an average of 8 credit cards the first week of school.
- 55% of college students acquire their first credit card during their first year of college.
- 83% have at least one credit card.
- 20% have four or more credit cards.
- College students carry an average of three credit cards.
- 43% of freshman owned a credit card, compared with 74% for seniors.
- 45% of college students are in credit card debt, the average credit card debt being $3,066.
- 41% carried a balance from month to month.
- Nearly 60% of college freshmen max out their credit cards by the end of the year.
- Nearly 77% use credit cards for food, clothing and entertainment.
- Over 70% have no idea what the interest rate is on their credit cards.
- Nearly 50% report paying late fees, over-the-limit fees, or had a card canceled due to delinquency.
- College students double their average credit card debt and triple the number of credit cards in their wallets from the time they arrive on campus until graduation.
- 20% of graduating college students have $10,000 or more in non-school related credit card debt.
- Colleges and Universities say they lose more students to credit card debt than to academic failure.
Source: Taking Control of Your Credit video and CARE Program statistics.
