College Credit Card Debt Statistics: What's The Norm?

The Student Monitor annual financial services study published list of College Credit Card Debt Statistics show that 41 percent of all college students have at least one credit card; and that the average mean balance of college students’ credit card debt was $1645 at the end of 2008. Furthermore, the published study shows that nearly 1/4 of all college students that have a credit card have a balance of between $3000 and $7000. This amount has nearly quadrupled in the last 10 years.

Why Do College Students Owe So Much?

More and more credit card companies are making credit cards easily available to undergraduate college students; therefore many college students are applying for, and receiving, credit cards. Many of these companies offer deferred payment plans for college students; this means that the balances on student credit cards are often deferred until some point in the future. However, many times these balances do continue to accrue interest until they are actually paid off.

Most college students like to shop and have a good time; a credit card makes this very possible. Many young college students simply haven't yet learned to be responsible with the use of credit cards. They simply use them way too often and spend too much with them.

Ways for College Students to Control Credit Card Debt

Obviously, the easiest way to control credit card debt is not to use them. If possible, pay for all purchases with cash or simply wait until you have cash to pay for your purchases. Try to use your credit card -- only for emergencies or when you have no other option.

While you may not have to pay those credit card balances now, they will have to be paid someday. In fact, by simply putting them off until a later date, you're insuring yourself of having to pay even more. So if you have a credit card, put it away until you really need it - or cut it up and send it back to the company.