Credit card stats
Posted on October 14, 2007
Filed Under Advice, Students Credit Cards | Leave a Comment
According to a 2002 survey by UCD’s Student Affairs Research and Information, 88 percent of UCD seniors owned credit cards, compared to 44 percent of freshmen.
Of the freshmen who had credit cards, 87 percent reported that they always paid their full balance when due. That number dropped to 52 percent for seniors.
The survey found that habits such as incomplete balance payment and skipped or late payment rose steadily from freshman through senior class levels. And more than 22 percent of the student body had moderate to serious concerns about their credit card debt load. More than half classified themselves as “very concerned.”
While students can get credit cards in many ways, UCD senior Michael Reagan said marketers are still around. Reagan said he and another student were offered free sandwich coupons on campus last year. When they went to the downtown restaurant, a marketer had credit card applications for them to fill out in exchange for the free sandwich.
Reagan said he filled out the application to get the free food, but didn’t use the credit card when it came in the mail. These kinds of marketing tactics should not be allowed, he said.
“Credit card companies shouldn’t be targeting the youth, especially with gimmicks and free stuff,” said Reagan, who is the statewide board chairman of CalPIRG student groups.
Katy Maloney, interim director of financial aid at UCD, said she sometimes sees credit card marketers giving out free T-shirts or water bottles near campus at Third and A streets.
While it’s easy for students to get credit cards, Maloney urges them to use credit only for emergencies.
“Don’t think of it as a source of income – it’s not,” Maloney said.
By Sharon Stello
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