The Average Credit Card Debt for College Students

General Debt
College students amass thousands of dollars within overall debt while completing their education, including student loans and college credit card debt. According to American Progress, the average overall debt for university students in 2008 was $20, 000. That year, young consumers ages 18 to 24 years of age committed 22 percent of their income toward maintenance debt, compared with 13 percent for individuals for the reason that age range in 1993.

Card Debt
In '09, college students carried an average of $3, 173 in credit debt, according to "USA Today. " Five years previously, in 2004, college students carried lower average credit card debts of $2, 169. Students tend to amass more college credit card debt as they progress through college; freshmen carry an average credit debt of $2, 038 compared with the average $4, 138 indebted burdening college seniors. Graduate students carried average credit card debts of $5, 800 in 2008, according in order to American Progress.

Factors
One of the factors adding to rising average credit card debts is the growing cost of college, according to "USA Today. " College costs climbed by 50 percent between 1999 and 2009 to typically $6, 585 for tuition and student fees, which makes it harder for college students to cover expenses. Although the availability of government-issued student loans remained the same during this period period, private loans were issued with less frequency during this period period, perhaps encouraging students to rely on credit cards to fill the gap. In 2008, college students charged typically $2, 200 in textbook and school supply costs; this represented a 134 percent increase compared along with figures from 2004, according to the same "USA Today" post.

Debt Effects
High average credit card debts can prohibit university students from moving forward with financial goals after graduating. Graduates often enter the job market with relatively low salaries in contrast to veteran professionals, and must continue paying expenses for example housing, transportation and food while making credit card payments and education loan payments. High debt loads may prevent college graduates from beginning to save for the down payment on a home and cause them to become defer marriage or having children, or investing within retirement funds. Students unable to make credit card payments may earn lower credit ratings or slide into bankruptcy. College Credit Card Debt may follow university students into their 30s and 40s.

Payments
Parents can help college students reduce average college credit card debt by educating children in good financial habits; 54 percent of university students pay off their credit card balances in full every month, according to Bankrate. Although college students are more likely than any other group to repay their credit card balances in full each 30 days, according to Money-Zine.com, they're also more likely to make late payments or exceed their balance limit..