Credit and debit cards are part of the fabric of life for most Americans these days. With the rise of online shopping, and the increasing use of automated services, credit cards are more than a convenience. College students, too, are using credit cards; and many students use those cards wisely as they learn to manage their own finances.
How do students use credit?
Before you begin to think about your own student’s use of credit, it may be helpful to have a picture of how college students in general use their cards.
The 2016 Experian College Graduate Survey found that 58% of college graduates had at least one credit card and approximately 30% of graduates had some credit card debt. The average balance carried by students was $2,573. The average number of cards held by students was 1.35.