ED 466 106
DOCUMENT RESUME
HE 035 022
AUTHOR
TITLE
INSTITUTION
SPONS AGENCY
REPORT NO
PUB DATE
NOTE
CONTRACT
AVAILABLE FROM
PUB TYPE
EDRS PRICE
DESCRIPTORS
IDENTIFIERS
ABSTRACT
Holub, Tamara
Credit Card Usage and Debt among College and University
Students. ERIC Digest.
ERIC Clearinghouse on Higher Education, Washington, DC.
Office of Educational Research and Improvement (ED),
Washington, DC.
EDO-HE-2002-01
2002-01-00
4p.; Contains small print.
ED-99-CO-0036
ERIC Clearinghouse on Higher Education, Institute for
Education Policy Studies, Graduate School of Education and
Human Development, One Dupont Circle, Suite 630, Washington,
DC 20036-1183. Tel: 800-956-7739 (Toll Free); e-mail:
eric-heaeric-he.edu. For full text:
http://www.eriche.org/digests/2OO2-l.pdf.
ERIC Publications (071) -- ERIC Digests in Full Text (073)
MFOI/PCO~
Plus Postage.
*College Students; *Credit Cards; Credit (Finance); *Debt
(Financial); Higher Education; School Responsibility;
Student Responsibility
ERIC Digests
Since the late 199Os, lawmakers, college officials, consumer
advocacy groups, and higher education practitioners have become increasingly
concerned about the rising use of credit cards among college students. Some
recent studies have provided information about credit card use among college
students. These studies include: (1) a study conducted by The Education
Resources Institute and the Institute for Higher Education Policy; (2) a
survey conducted by Nellie May (educational loan lender); and (3) a study by
the U.S. General Accounting Office. In 1998, almost two-thirds of students
had at least 1 credit card, and 1 in 5 of those had 4 or more cards. The
majority of students (82%) reported an average balance of $1,000 or less. One
study’s results report 78% of undergraduates had credit cards, and the
average balance of undergraduates was $2,748 in the year 2000. Most college
administrators viewed having a credit card as something positive, but some
disadvantages were evident, especia