This study examines the extent of emergent, outstanding credit card debt among young adult college students and investigates whether any associations existed between this credit card debt and the characteristics of the communities in which these students grew up or lived. Using data (N = ) from a longitudinal survey and merging community. Many young adults get their first credit card while in college. This provides an opportunity for them to establish a credit history at an early age. However, the responsibility of managing a credit card can be too much for some students. Between poor budgeting and overspending, some end up with maxed out accounts.
Nov 11, · Of those already in debt, 48% said the holidays justify taking on more, compared to 26% of cardholders who don’t have credit card debt. It’s all about the kids. Parents with credit cards and children under the age of 18 are nearly twice as likely as non-parent cardholders (61% vs. 34%) to say yes to more debt for the holidays. Oct 07, · Unfortunately for many, the only way for these young adults to establish their own credit is to apply for secured or high-interest credit cards. Before you undertake this journey, here’s what you need to know about credit card debt and building credit.
May 31, · For some time now, younger adults — those labeled millennials — have done a better job than their older counterparts when it comes to staying out of debt. According to a recent report, that is no longer the case. Numerous 18 to year-olds in Illinois and across the country have begun taking on significant amounts of credit card debt. For example, if you want to pay off $5, in credit card debt and you can pay $ each month, then the balance should be gone in 12 months, assuming a 16 percent APR.
Jan 22, · Overall, more than 8 in 10 credit card users (%) in the 50 biggest metros are carrying card debt into , owing a median balance of $3, LendingTree used a sample of more than 40, of. Jan 27, · About 56% of millennials say their credit card debt has grown since the start of the pandemic, compared with 53% of Generation Xers and 46% of baby boomers, according to .