College Students Racking Up Credit Card Debt

Survey finds that debt among college students is higher than in recent years
credit card
Posted at 6:27 AM, May 13, 2021
and last updated 2021-05-13 07:27:19-04

Credit card debt is becoming a growing problem among college students.

According to a survey of 20,000 college students conducted by AIG Retirement Services and Everfi, more students have credit cards now than they did a year ago.
In fact, 53% of those surveyed are charging to two or more credit cards.
It's a large jump from last year, when that number was at 41%.

More credit cards means more debt, as 40% of students said they are over one thousand dollars in credit card debt, and 14% have more than five thousand dollars.

Nearly two out of five students do not expect to pay their credit card bill in full each month, which means they'll have to pay interest.

Researchers say future financial trouble could arise from this increased reliance on credit cards.