NEW YORK—A new survey of undergraduate students shows more than four in 10 say they currently have credit card debt.
The survey from U.S. News & World Report also reveals that nearly 53% of respondents say they have a credit card account in their own name, while 19% report having access to a credit card as an authorized user.
Approximately 28% say their credit card debt exceeds $2,000.
Forty-six% said say they got into credit card debt by using their cards on nonessential purchases, such as dining, shopping and impulsive buying, U.S. News & World Report said.
The Debt Burden
When asked how much debt they are carrying, the survey found:
- Under $1,000: 50.9%
- $1,000-$1,999: 20.8%
- $2,000-$2,999: 9.9%
- $3,000-$3,999: 6.5%
- $4,000-$4,999: 5.3%
- $5,000 or more: 6.5%
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