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Credit Card Facts
- 56% of students obtain their first credit card before 18
years of age.
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76% of undergraduate students have at least one credit card.
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43% of students have four or more credit cards.
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80% of students with credit cards have charged routine expenses such
as food, clothes, and toiletries.
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One third of ID thefts are related to credit card fraud.
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The average credit card balance for undergraduate students is $2,169.
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The student credit card interest rates can range from 7%
to as much as 30.25%. The average student credit card interest
rate as of November 2007 is 16.49%.
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75% of all college students with credit cards don't pay their balance
in full every month.
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It would take over 30 years to pay off the average credit card balance
if you paid only the minimum monthly payment.
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In Dollars and Sense
Ana Marie has a credit card debt of $2,500.
Her interest rate is 18%. Ana Marie only pays the minimum payment
on her credit card. Generally, minimum payments are calculated
at 2%-3% of the balance or ten dollars, whichever is more. It
will take Ana Marie over 34 years to pay off her credit card
debt, assuming she does not use the card any more. She will
pay $6,431 in interest above her original debt. By paying only
the minimum monthly payment, Ana Marie's debt will more than
triple.
Calculate your own debt repayment by using
the Repayment Calculator at
www.bankrate.com. |
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