Friday, August 26, 2016

Majority of College Students are Current on Credit Card Bills

Equifax finds college students with credit cards are paying their full balances each month, some with assistance from their parents. A majority of college students have one or more credit cards and pay off their balances each month, according to a new survey from Equifax. Nearly 70 percent of the students surveyed have one or more credit cards, and 72 percent said they pay their balances in full each month, Equifax reports in a news release on the survey. The survey includes more than 600 college students between the ages of 18 and 24, known as “Generation Z.”

A majority of the survey respondents with credit cards use them for different purchases, while 16 percent said they save their credit cards for use during an emergency. Eighteen percent of respondents who regularly use their credit cards said their parents pay their balances each month, and 59 percent who are not keeping up with their monthly payments said they plan to do so within a year, according to the news release. More info here

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