A recent study based on surveys of 1,200 college undergraduates ages 18-24 found that college students are using credit cards more and more as a financial crutch, according to student lending giant Sallie Mae.
In a recent report, Sallie Mae said students are carrying record-high balances: an average of $3,173 for undergraduates, up 46 percent from 2004; and more than $4,100 for graduating seniors, up 41 percent from 2004.
The study found that freshmen carried an average debt of $939, nearly triple the $373 five years ago. Only 15 percent of freshmen had a zero balance — a significant drop from 69 percent with a zero balance in 2004.
60% of the students were surprised at how high their balances were, and 40% had charged items despite knowing they couldn’t cover the bill.
Source: CNN.com
