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College students are using their credit cards to purchase clothing, personal items and other living expenses, according to a survey recently conducted by Smith College and funded by Oppenheimer Funds, Incorporated The survey showed that 65% of college students have credit card debt and half of those charge their cards to the limit.
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According to a study by Nellie Mae, in 2001 83% of college undergraduates owned a credit card, compared to just 67% in 199 What is even more telling is that 96% of all college seniors own a credit card.
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She notes that some students use their credit cards with abandon during college, planning to pay off their debt when they land that great job after college.
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