Students utilising credit cards, according to expert

Wed, 27 Aug 2008

Some 37 per cent of students use a credit card, new research has highlighted.

A study conducted by Halifax showed that the average female undergraduate has a balance on their card of £255.50 compared to £173.20 for their male counterparts.

It also emerged that credit cards are less widely used than student loans and overdrafts, which are relied upon by 80 per cent and 64 per cent of students respectively.

A link was also noted between people's level of credit card debt and the location they had chosen to carry out their higher education, with students in the east and south-east carrying a larger average balance of above £360.

People undertaking their studies in Scotland were most likely to be using plastic to make purchases, while those in Wales were the least likely.

Ken Stannard, head of Halifax Credit Cards, stated that the bank's credit card comes with a free text alert service which can help people monitor their balances.

Meanwhile, the Guardian recently reported that people with credit cards from Alliance and Leicester will see their minimum repayments increase from £5 to £25 in October.
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