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College Student Credit Card Debt Statistics

The college student credit card debt statistics become grimmer each year as more and more college students begin their unintended careers as indentured servants of the credit card industry.

College student credit card debt statistics show that the typical undergrad college student is carrying a revolving credit card balance of between $2,200 and $2,800. The statistics for graduate college students are a bit worse. The average graduate college students carry a balance of over $5,000, and rising.

For many young adults, college is their first taste of the real world. Until now, they’ve lived at home with their parents always nearby and around to look out for them. But now, for the first time without parental restrictions, they embark on the journey of discovering who they really are. As always, part of that self discovery needs funding. And the credit card companies waiting in the wings are more than willing to start the students off on the “right” foot by advancing them loans in the form of one or more credit cards.

Credit card companies know that college students are easy marks. First of all they normally have little or no experience with handling debt. Secondly, most college students, if they have a job, are only working part time, so they don’t have a lot of pocket money. They are the perfect demographic to convince that they should take out a loan. The combination of these two factors makes it child’s play for the credit card companies to sucker them into signing up for and misusing a credit card. and, the available college student credit card debt statistics bear that out.

Most students don’t understand that the credit card debt they’re accumulating as college students will most likely be a drain on their finances for many years into their adult lives.

If you are a parent, before you send your child off to college, educate them about credit. Talk with your son or daughter and explain how the mixture of college students and credit card debt can get out of control but most importantly explain to them what happens when you ruin your credit at a very young age.  It can follow you for years and can even affect your ability to get your first real apartment or buy your first home.  That relationship between college students and credit card debt can get so out of hand that they could be paying for it into their 30’s and if they understand that then maybe you can help them avoid it.

A college student always needs access to funds and one way you can help offset the temptation of college students and credit card debt is to give your college student a credit card with a limit you can handle and tell them this is all the credit card they need.  Always make sure there are funds available to them on the credit card and this way you not only help them have the funds available but you can monitor their spending with the monthly bill.

All you can do is prepare them with some support and education. Don’t let your child become another statistical road bump for the credit card companies to just run over.

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Copyright – 2009 college student credit card debt statistics