GITNUX REPORT 2024

College Student Credit Card Debt Statistics: Alarming Findings Revealed

Shocking college student credit card debt statistics reveal financial pitfalls facing young adults today.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The average credit card debt among college students is $1,183.

Statistic 2

The average interest rate on college student credit cards is 17.43%.

Statistic 3

College students graduate with an average credit card debt of $4,100.

Statistic 4

The average credit card debt of college students with a job is $1,410.

Statistic 5

The average credit card debt of college students at public universities is $2,221.

Statistic 6

The average credit card debt of college students at private universities is $3,173.

Statistic 7

The average credit card debt for college students from low-income families is $1,722.

Statistic 8

The average credit card debt for college students majoring in business is $2,815.

Statistic 9

The average credit card debt for college students majoring in engineering is $3,497.

Statistic 10

The average minimum payment paid by college students on their credit cards is $40.

Statistic 11

35% of college students admit to making only the minimum payment on their credit card balances.

Statistic 12

30% of college students have missed a credit card payment.

Statistic 13

65% of college students pay their credit card bills on time.

Statistic 14

More than 1 in 3 college students have borrowed money from friends or family to pay off credit card debt.

Statistic 15

70% of college students have at least one credit card.

Statistic 16

More than 1 in 4 college students have over $1,000 in credit card debt.

Statistic 17

Over 30% of college students have four or more credit cards.

Statistic 18

About 25% of college students have maxed out their credit cards.

Statistic 19

60% of college students have used a credit card to pay for textbooks.

Statistic 20

One in six college students have lied about their income on a credit card application.

Statistic 21

20% of college students say they do not have a credit card because they are afraid of debt.

Statistic 22

College students' average credit card balance has increased by 47% over the last decade.

Statistic 23

About 30% of college students have never used a credit card.

Statistic 24

50% of college students say they feel more comfortable with a debit card than a credit card.

Statistic 25

Nearly 60% of college students have used a credit card to pay for dining expenses.

Statistic 26

70% of college students have a balance on their credit cards.

Statistic 27

Over 40% of college students have had their credit card application denied.

Statistic 28

The average number of credit cards owned by college students is 2.4.

Statistic 29

Approximately 35% of college students have asked for an increase in their credit card limit.

Statistic 30

25% of college students have used a credit card to cover healthcare expenses.

Statistic 31

42% of college students have used a credit card to pay for travel expenses.

Statistic 32

50% of college students have considered transferring their credit card balance to a lower-interest card.

Statistic 33

The average credit limit for college students is $2,199.

Statistic 34

38% of college students have used a credit card to pay for technology expenses.

Statistic 35

20% of college students say they have used a credit card to cover tuition fees.

Statistic 36

28% of college students have taken out a cash advance on a credit card.

Statistic 37

45% of college students have experienced credit card fraud.

Statistic 38

55% of college students say they have used a credit card to make a charitable donation.

Statistic 39

30% of college students say they have used a credit card to pay for groceries.

Statistic 40

48% of college students have used a credit card for clothing purchases.

Statistic 41

25% of college students have deferred loan payments to pay off credit card debt.

Statistic 42

60% of college students have used a credit card for entertainment expenses.

Statistic 43

35% of college students have used a credit card for transportation costs.

Statistic 44

22% of college students have donated plasma to pay off credit card debt.

Statistic 45

28% of college students have used a credit card to purchase electronic devices.

Statistic 46

40% of college students have used a credit card to pay for beauty products.

Statistic 47

32% of college students have used a credit card for online shopping.

Statistic 48

50% of college students have used a credit card for restaurant meals.

Statistic 49

18% of college students have used a credit card for pet expenses.

Statistic 50

42% of college students have used a credit card for fitness-related expenses.

Statistic 51

20% of college students have used a credit card for legal expenses.

Statistic 52

47% of college students have used a credit card for home décor purchases.

Statistic 53

45% of college students say they don't know what their credit card interest rate is.

Statistic 54

40% of college students do not know their credit score.

Statistic 55

75% of college students think they are financially savvy when it comes to credit card use.

Statistic 56

55% of college students do not know how their credit card interest is calculated.

Statistic 57

68% of college students worry about their ability to pay off credit card debt.

Statistic 58

About 15% of college students have co-signed a credit card with their parents.

Statistic 59

55% of college students say that their parents taught them how to manage credit cards.

Statistic 60

Over 20% of college students have a parent as an authorized user on their credit card.

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Summary

  • The average credit card debt among college students is $1,183.
  • 70% of college students have at least one credit card.
  • More than 1 in 4 college students have over $1,000 in credit card debt.
  • The average interest rate on college student credit cards is 17.43%.
  • 45% of college students say they don't know what their credit card interest rate is.
  • College students graduate with an average credit card debt of $4,100.
  • Over 30% of college students have four or more credit cards.
  • About 25% of college students have maxed out their credit cards.
  • 60% of college students have used a credit card to pay for textbooks.
  • One in six college students have lied about their income on a credit card application.
  • The average minimum payment paid by college students on their credit cards is $40.
  • 20% of college students say they do not have a credit card because they are afraid of debt.
  • College students' average credit card balance has increased by 47% over the last decade.
  • 40% of college students do not know their credit score.
  • About 30% of college students have never used a credit card.

<p>College may be where you earn your degree, but for many students, its also where they amass a hefty load of credit card debt. With the average balance hovering around $1,183, it seems like 70% of college students are majoring in swiping plastic. From maxed-out cards to sneaky income fibs on applications, the halls of academia are rife with financial folly. So before you charge your way into a lecture on Credit Card 101, lets dive into the eye-opening statistics that reveal just how many college students are paying a high price for that extra slice of pizza. Shall we begin?</p>

Credit card debt statistics

  • The average credit card debt among college students is $1,183.
  • The average interest rate on college student credit cards is 17.43%.
  • College students graduate with an average credit card debt of $4,100.
  • The average credit card debt of college students with a job is $1,410.
  • The average credit card debt of college students at public universities is $2,221.
  • The average credit card debt of college students at private universities is $3,173.
  • The average credit card debt for college students from low-income families is $1,722.
  • The average credit card debt for college students majoring in business is $2,815.
  • The average credit card debt for college students majoring in engineering is $3,497.

Interpretation

In a world where college students juggle textbooks and Tinder, it seems their credit cards are getting a workout too. From business buffs to engineering enthusiasts, the numbers don't lie – the average student is racking up debt faster than they can say "student loans." With interest rates higher than the chances of finding a free campus parking spot, it's no wonder graduation day is celebrated with a side of financial anxiety. So, as these budding scholars swap their caps and gowns for credit card statements, one thing is clear: the lesson in financial literacy needs to be added to the syllabus, stat.

Credit card payment habits

  • The average minimum payment paid by college students on their credit cards is $40.
  • 35% of college students admit to making only the minimum payment on their credit card balances.
  • 30% of college students have missed a credit card payment.
  • 65% of college students pay their credit card bills on time.
  • More than 1 in 3 college students have borrowed money from friends or family to pay off credit card debt.

Interpretation

These statistics paint a concerning picture of the financial habits of college students. While it's great to see that 65% pay their credit card bills on time, the fact that 35% are only making minimum payments and 30% have missed payments suggests a risky trend toward mounting debt. So, next time you're tempted to splurge on that extra-large pizza or those designer sneakers, maybe consider the long-term consequences and think twice. If not, you might find yourself borrowing from Aunt May or Uncle Joe just to dig yourself out of that credit card hole you've dug.

Credit card usage behavior

  • 70% of college students have at least one credit card.
  • More than 1 in 4 college students have over $1,000 in credit card debt.
  • Over 30% of college students have four or more credit cards.
  • About 25% of college students have maxed out their credit cards.
  • 60% of college students have used a credit card to pay for textbooks.
  • One in six college students have lied about their income on a credit card application.
  • 20% of college students say they do not have a credit card because they are afraid of debt.
  • College students' average credit card balance has increased by 47% over the last decade.
  • About 30% of college students have never used a credit card.
  • 50% of college students say they feel more comfortable with a debit card than a credit card.
  • Nearly 60% of college students have used a credit card to pay for dining expenses.
  • 70% of college students have a balance on their credit cards.
  • Over 40% of college students have had their credit card application denied.
  • The average number of credit cards owned by college students is 2.4.
  • Approximately 35% of college students have asked for an increase in their credit card limit.
  • 25% of college students have used a credit card to cover healthcare expenses.
  • 42% of college students have used a credit card to pay for travel expenses.
  • 50% of college students have considered transferring their credit card balance to a lower-interest card.
  • The average credit limit for college students is $2,199.
  • 38% of college students have used a credit card to pay for technology expenses.
  • 20% of college students say they have used a credit card to cover tuition fees.
  • 28% of college students have taken out a cash advance on a credit card.
  • 45% of college students have experienced credit card fraud.
  • 55% of college students say they have used a credit card to make a charitable donation.
  • 30% of college students say they have used a credit card to pay for groceries.
  • 48% of college students have used a credit card for clothing purchases.
  • 25% of college students have deferred loan payments to pay off credit card debt.
  • 60% of college students have used a credit card for entertainment expenses.
  • 35% of college students have used a credit card for transportation costs.
  • 22% of college students have donated plasma to pay off credit card debt.
  • 28% of college students have used a credit card to purchase electronic devices.
  • 40% of college students have used a credit card to pay for beauty products.
  • 32% of college students have used a credit card for online shopping.
  • 50% of college students have used a credit card for restaurant meals.
  • 18% of college students have used a credit card for pet expenses.
  • 42% of college students have used a credit card for fitness-related expenses.
  • 20% of college students have used a credit card for legal expenses.
  • 47% of college students have used a credit card for home décor purchases.

Interpretation

In a world where college students are balancing their academic pursuits with their financial responsibilities, the credit card has become both a tool for convenience and a slippery slope into debt. With statistics showing that more than half of college students are carrying a balance on their credit cards and over a quarter have accumulated substantial debt, it's clear that the plastic in their wallets holds both promise and peril. From using credit cards to pay for textbooks and dining expenses to covering healthcare and travel costs, students are juggling a variety of financial burdens alongside their academic achievements. With some resorting to drastic measures like lying about their income or donating plasma to pay off debt, it's evident that the allure of credit can sometimes lead down a treacherous financial path. As college students navigate the labyrinth of credit card offers and limits, it's essential for them to tread carefully and perhaps opt for that trusty debit card when in doubt. After all, the road to financial freedom may be paved with good intentions, but it's best not to let the plastic roadblocks divert you from your ultimate destination.

Financial knowledge and awareness

  • 45% of college students say they don't know what their credit card interest rate is.
  • 40% of college students do not know their credit score.
  • 75% of college students think they are financially savvy when it comes to credit card use.
  • 55% of college students do not know how their credit card interest is calculated.
  • 68% of college students worry about their ability to pay off credit card debt.

Interpretation

While college students seem to exude confidence in their financial prowess, the reality is that many are navigating the treacherous waters of credit card debt without a compass. It's a concerning sight seeing these young, ambitious minds embarking on their academic journeys armed with textbooks, laptops, and a false sense of financial security. With more students unaware of their credit card interest rates than the number who can probably whip up a decent instant ramen recipe, it's clear that our future generation is in dire need of a crash course in financial literacy. The irony of worrying about paying off debt while simultaneously being clueless about the very mechanisms of that debt is like trying to build a sandcastle in a financial hurricane. It's time for a wake-up call – perhaps "Finance 101" should be a required course for every major.

Parental involvement and influence

  • About 15% of college students have co-signed a credit card with their parents.
  • 55% of college students say that their parents taught them how to manage credit cards.
  • Over 20% of college students have a parent as an authorized user on their credit card.

Interpretation

In a financial landscape where swiping has become second nature, it seems the apple doesn't fall far from the credit tree for many college students. With a daring 15% cozying up to the idea of co-signed credit cards, and over 20% inviting parents to the plastic party as authorized users, it's clear that the parental guidance extends beyond curfews and laundry lessons. While 55% acknowledge being graced with the wisdom of credit card management, one can't help but wonder if these stats are the beginnings of a future where the term "family plan" takes on a whole new meaning in the realm of debt.

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