Students Stress about Finances, Despite Good Credit Card Habits

Students Stress about Finances, Despite Good Credit Card Habits

July 20, 2015         Written By John H. Oldshue

According to a survey from the The Ohio State University, 72% of college students are stressed about their finances. Nearly 60% of college students in four-year universities worry about being able to pay for school, and those in junior colleges are slightly more stressed than those at traditional educational institutions.

Many students reported responsible behaviors when it comes to their credit cards. 44% of students said they do not have a credit card at all, and another 32% only have one card. Only 7% of students said they have six or more credit cards in their name.

Of the small percentage of students who have multiple credit cards, 47% said they pay off their account balance every month. Students at four-year private universities are more likely to practice this behavior than other students.

The study also showed roughly half of college students follow a financial budget. 30% of students said they took a finance course in high school, and 23% said they attended a similar class or workshop in college. When students were asked fundamental finance questions, they got an average of three of five answers correct.

Despite the stress most students face about paying for school, they have managed to employ sound credit card habits at an early age. This greatly reduces the debt upon graduation, which is beneficial since many be worried about paying back their student loans. 64% of students have used student loans to pay for college, and one in five expect to have over $50,000 in debt by the time they graduate.



The information contained within this article was accurate as of July 20, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : 2% cash back on purchases: 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus