Infographic: Credit card use among the college set
Two out of three college students have at least one credit card, and a vast majority use their cards regularly, according to new data from Equifax.
The credit rating agency reports that 42 percent of college students age 18-24 have one credit card, with an additional 26 percent owning two or more cards, totalling a 68 percent saturation among the college crowd.
Equifax’s survey data also revealed that only 1 out of 6 college students (16 percent) are reserving their credit card only for emergencies. On the other end of the spectrum, 12 percent are charging virtually all of their purchases.
In the middle ground, 30 percent are putting their cards to use for a majority of their purchases, with the largest response category being 42 percent who indicated they primarily charge minor purchases to their cards.
Equifax’s findings were drawn from a blind survey of 600 college students age 18-24 conducted in June 2016. The results were released Aug. 24.
To use the graphic on your site, use the following code:
- Financial setbacks common, and we expect to pay with credit – Poll shows that people are more likely to reach for credit cards than savings if emergency hits ...
- Infographic: Gen X most anxious about retirement – Americans age 37-51 have the least confidence they will have enough money to last their lifetimes ...
- Fed data: We're using credit cards for smaller purchases – We pull out the credit card more often, and the average dollar amount per credit card transaction is shrinking ...