College kids are charging more on credit cards than ever, despite the credit freeze that seems to be affecting other consumers.
About 84% of college undergrads have at least one credit card, according to Sallie Mae’s 2009 national study on how college students use credit cards. And, those students carried an average balance of $3,173, more than any other year
While some students may use only one credit card, about half have four or more cards. Worse yet, only 17% said they regularly paid off the balances on all casrds every month. In fact, nearly one-third paid their tuition with a credit card, which is about 24% more than in 2004, when the last survey was conducted.
Sallie Mae, the national organization providing student loans and the administrator of college savings plans, conducts the survey every four years.