What percentage of college students have credit card debt?

On average, college students have over $3,280 worth of credit card debt. 64.8\% of college students have some form of credit card debt. The most common credit card mistakes college students make are only paying the minimum amount (44.7\%) and missing a payment (37.6\%).

What is the average graduating students credit card debt?

According to Sallie Mae’s study “Majoring in Money 2019,” the average college student carries $1,183 in credit card debt. That’s an eye-opening 31\% increase compared to the previous 2016 report. That may not sound like much considering American households carry an average credit card balance of $6,270.

What percentage of college graduates are debt free?

About 42 percent of students at four-year public universities finished their bachelor’s degree* without any debt and 78 percent graduated with less than $30,000 in debt. Only 4 percent of public university graduates left with more than $60,000.

What percentage of American households have a credit card balance?

Eight out of 10 adults in America have at least one credit card, and 45\% of American households carry a balance (meaning they don’t pay their credit cards down to zero each month, so they have credit card debt). That’s just over 55 million households with this kind of debt.

Which US state has the highest average cardholder debt?

Credit cardholders in New Jersey have the highest average credit card debt of any state, according to LendingTree data, while those in Kentucky have the least.

What percentage of college graduates have debt?

Graduates with debt represent 69 percent of all students graduating with a BA in 2016. About 14 percent of 2016 graduates’ debt was comprised of private loans.

What is the simplest most common form of debt?

Most Common Type of Debt

• Credit Card Bills. Credit card debt is one of the simplest types of debt that you can have.
• Medical Bills. Medical bills can be expensive, particularly if people do not have health insurance to cover most of the fees.
• Mortgage Payments.
• Car Payments or Insurance.

What percentage of college students graduate with student debt?

The vast majority of four-year public university graduates complete their undergraduate degree with a relatively modest and manageable amount of student debt. About 42 percent of students at four-year public universities finished their bachelor’s degree * without any debt and 78 percent graduated with less than $30,000 in debt.

Who is the 21 year old student with credit card debt?

Ezra Bobo, 21, is attending the Culinary Institute of America and is already juggling both student loans and some credit card debt. Bobo, who is working toward a business degree in food business management after earning his associate’s degree, says he tries to use his credit card like a debit card.

How do young college graduates with student loans compare to others?

Meanwhile, 32\% of young college graduates with student loans say they are living comfortably, compared to 51\% of college graduates of a similar age who do not carry any outstanding student loan debt.

Are Americans more burdened by student loan debt in 2020?

It’s 2020, and Americans are more burdened by student loan debt than ever. Among the Class of 2019, 69\% of college students took out student loans, and they graduated with an average debt of $29,900, including both private and federal debt. Meanwhile, 14\% of their parents took out an average of $37,200 in federal parent PLUS loans.