29 August 2008
Over one-third of students own credit cards and their average balance is just under £220, new research from Halifax reveals. According to the bank, credit cards are held by 37% of students in the UK, with those in Scotland most likely to apply for plastic. Female students have an average balance of £255.50, while their male counterparts rack up an average of £173.20 on their cards, the research shows. Student loans and overdrafts remain the preferred form of credit among those in further education, used by 80% and 64% of respondents respectively. But the extra functionality of credit cards makes them a popular choice when extra funds are required, Halifax suggests. Research by uSwitch.com shows that gross credit card lending has increased by an average of £179 million a quarter over the last year. Total credit card debt owed by 30.8 million consumers on 67.3 million cards now stands at £54.9 billion, according to the independent price comparison site.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.