College Students’ Knowledge and Use of Credit

8 Pages Posted: 13 Apr 2013

See all articles by Joyce Jones

Joyce Jones

Oklahoma State University - Stillwater, Department of Design, Extension Specialist, Personal Finance

Date Written: 2006

Abstract

Results from this exploratory study of incoming college freshmen indicated many students already had access to credit or had acquired debt. Sixty-two percent had access to a credit/charge card and just over half (50.9%) had some type of debt. Older students had significantly more credit/charge cards, as well as higher levels of debt. Single, never married students tended to have lower levels of debt than currently/formerly married students. Most students in this study knew little about credit and credit knowledge was not significantly related to debt levels or access to credit/charge cards. The findings suggest that credit education may be needed before students enter college (or shortly thereafter) to help them make informed decisions and avoid having excessive debt affect current/future financial security.

Keywords: College students, Credit, Credit cards

Suggested Citation

Jones, Joyce, College Students’ Knowledge and Use of Credit (2006). Journal of Financial Counseling and Planning, Vol. 16, No. 2, 2006, Available at SSRN: https://ssrn.com/abstract=2248804

Joyce Jones (Contact Author)

Oklahoma State University - Stillwater, Department of Design, Extension Specialist, Personal Finance ( email )

Stillwater, OK 74078-0555
United States

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