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.