{"id":8263,"date":"2022-09-14T14:50:47","date_gmt":"2022-09-14T13:50:47","guid":{"rendered":"https:\/\/blinkx.com\/?p=8263"},"modified":"2023-08-24T16:19:07","modified_gmt":"2023-08-24T15:19:07","slug":"average-credit-card-debt-for-college-students","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/credit\/average-credit-card-debt-for-college-students\/","title":{"rendered":"Average Credit Card Debt For College Students"},"content":{"rendered":"\n

Average Credit Card Debt For College Students<\/h2>\n\n\n\n

average credit card debt for college students. For many people, college is the first time they\u2019re left alone as a young adult to learn, grow and make big decisions. In addition to deciding what classes to take, what major to pursue and what internships to apply for, many college students may need to decide whether or not to sign up for a credit card, especially if they have\u00a0no credit score.<\/p>\n\n\n\n

Though there are many credit cards specifically designed for college students and young adults, the decision of whether or not to sign up for one can be daunting. Having a credit card is a big responsibility, and there can be many serious repercussions, such as lifelong debt, if your card isn\u2019t paid off in a reasonable time frame.<\/p>\n\n\n\n

This can be a tough decision to make, which is why being fully informed is important. Here are 48 statistics on college student credit card debt to help the college student in your life make the most\u00a0educated credit decision\u00a0possible.<\/p>\n\n\n\n

College student credit card debt at a glance<\/h2>\n\n\n\n

Here are some statistics that help set the scene for what sort of debt college students are facing.<\/p>\n\n\n\n

1. Of college students with credit cards, 36 percent have $1,000 or more in credit card debt (EVERFI<\/a>).<\/p>\n\n\n\n

2. Over the course of 12 months, the average credit card balance for a student is just over $1,180 (Sallie Mae<\/a>).<\/p>\n\n\n\n

3. On average, the monthly credit card balance for a college student is around $1,420 (Sallie Mae<\/a>).<\/p>\n\n\n\n

4. The average number of credit cards owned by millennials is 3 (The Ascent<\/a>). <\/p>\n\n\n\n

5. The average college student credit card balance over 12 months increased by $277 from 2016 to 2019, from $906 to $1,183 (Sallie Mae<\/a>).<\/p>\n\n\n\n

6. The average monthly balance for college students with credit cards increased $347 from 2016 to 2019, from $1,076 to $1,423 (Sallie Mae<\/a>).<\/p>\n\n\n\n

7. The median credit limit for millennials is $7,500 (The Ascent<\/a>). <\/p>\n\n\n\n

8. 50 percent of millennials have maxed out their credit limit at least once (The Ascent<\/a>). <\/p>\n\n\n\n

9. 18 percent of college students have used credit cards to pay for college expenses (The Ohio State University<\/a>).<\/p>\n\n\n\n

10. Just over 51 percent of college students with credit cards have plans to pay their credit card bill down in full (EVERFI<\/a>).<\/p>\n\n\n\n

11. About 33 percent of millennials have been a victim of credit card fraud or\u00a0identity theft\u00a0(The Ascent<\/a>).\u00a0<\/p>\n\n\n\n

12. 23 percent of college students use credit cards to pay for big-ticket items to pay off over time (Sallie Mae<\/a>).<\/p>\n\n\n\n

Undergraduate college student credit card statistics<\/h2>\n\n\n\n

Many undergraduate students sign up for a credit card for a variety of reasons, whether that\u2019s to\u00a0establish credit\u00a0for the first time or to help ease the cost of day-to-day necessities. Read on for more information on what sort of credit card debt undergraduate students (typically freshmen to seniors in college) are carrying.<\/p>\n\n\n\n

13. When broken up by class year, the following percentage of students have credit cards (The Ohio State University<\/a>):<\/p>\n\n\n\n