Among those who have at least one credit card, college students now have an average of 5.2, a new report shows. That's higher than the 4.4 cards held last year by a typical card-holding American of any age, according to Experian.
That doesn't mean that every student has multiple credit cards. Nearly one in five college students only has one.The overall increase is due, in part, to the popularity of store cards, Marie O'Malley, senior director of consumer research with Sallie Mae, tells CNBC Make It."Some of these students don't just have that one safety card," she says. Instead, when they're shopping, they pick up store cards that will save them 10% or offer other promotions.
In fact, the proportion of college students who pay their bills in full every month is about the same as it was in 2016, O'Malley says. About 60% of students say they pay off their credit cards in full every month and fewer than 1% say they pay less than the minimum, according to the report.Another positive sign: Many college students use their debit cards more frequently than any other payment type.
MakeIt I charged $19K pursuing a degree. I viewed it as investment in myself I got a tuition waiver and GI Bill and could barely make it. I went from 210 lbs to 145lbs. now they have a food pantry for hungry students. Now I keep zero balance on card.
MakeIt Both student loan debt and credit card debt are over one trillion each. It’s a problem.
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