Each year, Sallie Mae does a national study on how undergraduate college students use credit cards and their usage trends. 2009′s report was released this week with a bang because they discovered that credit card usage has increased to levels never seen before.
Here are some staggering statistics:
- Students have an average of 4.6 credit cards!
- 84% of students have at least one credit card.
- The average (mean) balance is $3,173, the highest ever recorded in the study’s history.
- The median balance was $1,645 with 21% of students having between $3,000 and $7,000 in debt.
- 39% of students already have a credit card before they arrive on campus.
- Median debt of those students was $939, up from $373 in 2004, with only 15% having a $0 balance.
- Students graduate with an average of $4,100 in credit card debt with almost 20% having more than $7,000 owed on credit cards.
- A third of students rarely or never discussed credit card use with parents.