16 October 2008
Students are better at repaying their credit card balances than the rest of the UK population, according to new statistics. Data from the UK payments association Apacs reveals that 59% of students aged 16 to 24 always repay their monthly balance in full. This figure is higher than the national average of 55%. Students as a group also own fewer credit cards, with just 22% having signed up to a credit card deal compared to 64% of people nationally. The Apacs statistics also show that male students spend more than their female counterparts in restaurants, cafes and snack bars. However, female students spend more than males in shoe shops, supermarkets and online. A spokesperson for HSBC suggested recently that younger consumers are more comfortable using credit cards to make purchases. He said they feel more at ease using credit cards to shop over the internet than older consumers, many of whom still like to use cheques where they are still accepted.