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| Undergraduate Students and Credit Cards in 2004 |
a:hover {text-decoration:underline} home loan center managing your money calculators library about us faqs articles for consumers articles for industry professionals research and information researchaduates in 2004 began the school year with credit cards. this is an 8% decrease from the 83% with cards reported in 2001. the average outstanding balance on undergraduate credit cards was $2,169, aer than $1,000. undergraduates reported freshman year as the most prevalent time for obtaining credit cards, with 56% reporting having obtained their first card at the age of 18. as students progressr more cards while only 15% of freshmen carry that many. final year students carry an average balance of $2,864 while freshmen carry an average balance of $1,585. undergraduates reported direct mailit cards for school supplies (paper, notebooks etc.), the number one reported use of cards; the second most common usage of credit cards reported by undergraduates was a tie between textbooks and pay off all cards each month; 44% say they make more than the minimum payment but generally carry forward a balance; 11% say they make less than the minimum required payment each month. studentseast region had the lowest outstanding average balances while students from the midwest had the highest balances. click here to download the 2004 credit card study in pdf format. . privacy policy site
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http://www.nelliemae.com/library/research_12.html
2005-12-03 16:07:53
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