GITNUX MARKETDATA REPORT 2024

Statistics About The Average Credit Card Debt For College Students

College students have an average credit card debt of approximately $2,500 to $3,000.

With sources from: debt.org, nerdwallet.com, cnbc.com, fastweb.com and many more

Statistic 1

About 36 percent of students have credit card debt.

Statistic 2

Less than 20 percent of college students pay their credit card balance in full every month.

Statistic 3

9 percent of undergraduates have credit card debts of $7,000 or more.

Statistic 4

17% of students at 2-year institutions have an average of $2,000 or more in credit card debt.

Statistic 5

Roughly 45 percent of U.S. undergraduates have a credit card.

Statistic 6

75 percent of undergraduates in 2018 had credit cards, an increase from 67 percent in 2016.

Statistic 7

Young adults ages 18 to 24, majority of whom are college students, carry an average credit card balance of $2,893.

Statistic 8

Only 17% of students pay off their credit card debt on a monthly basis.

Statistic 9

One-fifth of those graduating, or about 20 percent, owed more than $7,000 on their cards.

Statistic 10

More than half of students, about 53%, say they use their credit cards to pay for school tuition and fees.

Statistic 11

Nearly 1 in 3 college students have put tuition on a credit card.

Statistic 12

In 2019, 14% of students had four or more credit cards.

Statistic 13

30 percent of students don't know their credit card interest rate.

Statistic 14

More than 80% of students carry a balance and get charged interest each month which adds to the total debt.

Statistic 15

About 42% of students reported carrying a monthly balance from retail credit cards.

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In this post, we examine the concerning statistics surrounding credit card debt among college students. From the percentage of students carrying debt to the average balances and usage habits, these figures shed light on the financial challenges faced by young adults in higher education.

Statistic 1

"About 36 percent of students have credit card debt."

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Statistic 2

"Less than 20 percent of college students pay their credit card balance in full every month."

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Statistic 3

"9 percent of undergraduates have credit card debts of $7,000 or more."

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Statistic 4

"17% of students at 2-year institutions have an average of $2,000 or more in credit card debt."

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Statistic 5

"Roughly 45 percent of U.S. undergraduates have a credit card."

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Statistic 6

"75 percent of undergraduates in 2018 had credit cards, an increase from 67 percent in 2016."

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Statistic 7

"Young adults ages 18 to 24, majority of whom are college students, carry an average credit card balance of $2,893."

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Statistic 8

"Only 17% of students pay off their credit card debt on a monthly basis."

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Statistic 9

"One-fifth of those graduating, or about 20 percent, owed more than $7,000 on their cards."

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Statistic 10

"More than half of students, about 53%, say they use their credit cards to pay for school tuition and fees."

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Statistic 11

"Nearly 1 in 3 college students have put tuition on a credit card."

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Statistic 12

"In 2019, 14% of students had four or more credit cards."

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Statistic 13

"30 percent of students don't know their credit card interest rate."

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Statistic 14

"More than 80% of students carry a balance and get charged interest each month which adds to the total debt."

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Statistic 15

"About 42% of students reported carrying a monthly balance from retail credit cards."

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Interpretation

In conclusion, the statistics presented paint a concerning picture of the credit card debt landscape among college students. A significant proportion of students carry credit card debt, with many unable to pay off their balances in full each month. A notable percentage of undergraduates have high levels of debt, with a substantial portion using credit cards to cover essential expenses such as tuition. The data also reveal a lack of financial awareness among students, as evidenced by their limited knowledge of interest rates. Overall, the findings underscore the need for increased financial literacy education and responsible credit card usage practices among college students to prevent long-term financial repercussions.

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