Statistics (with source information)

American Teenagers

• Bankruptcy filings for those in the 18-25 year age group were at an all time high in 2000, numbering almost 150,000, which is a tenfold increase in just five years.  This is the fastest growing age range for bankruptcies.
  - Louisiana State University Agricultural Center
• As a cohort, American Teenagers, spent over $172 billion in 2001, equal to Mexico's yearly export
  - Teenage Research Unlimited, 2001
• More than 1 in 5 youths ages 12 to 19 have their own credit cards or have access to parents' credit cards, and 14% have debit cards.
  - Teenage Research Unlimited, 2001
• 40% of students are likely to buy a pair of jeans (or something similar) they really want even if  they do not have the money to pay for it.  22% would pay for it with a credit card.
  - ASEC (American Savings Education Council )

College Students

• 55% of college students acquire their first credit card during their first year of collge, and 83% of college students have at least one credit card.
  - Senate Resolution 48, 2003
• 45% of college students are in credit card debt, the average credit card debt being $3,066.
  - Senate Resolution 48, 2003
• Undergraduate students carry an average of three credit cards.
  - Nellie Mae, 2002
• Graduating students have an average of $20,402 in combined educaton loan an credit card balances.
  - Nellie Mae, 2002
• 20% of graduating college students have $10,000 or more in non-school related credit card debt.
  - Milwaukee Journal Sentinel, 2003
• 28% of students with credit card debt roll over debt each month.
  - Nellie Mae, 2000
• The average undergraduate has $1,843 in credit card debt.
  - Nellie Mae
• Nine percent have card debt between $3,000 and $7,000.
  - Nellie Mae
• One-fifth (1/5) of all college students have four or more credit cards.
  - Nellie Mae
• Students double their average credit card debt and triple the number of credit cards in their wallets from the time they arrive on campus until graduation.
  - Nellie Mae, 2002
• 43% of freshman owned a credit card, compared with %74 for 4th and 5th year students.
  - American Council on Education
• 41% of cardholders carried a balance from month to month, and the median amount was $1,000.
  - American Council on Education
• Approximately 25% of cardholders used their credit card to pay for tuition.
  -American Council on Education

General Statistics

• 40% of Americans say they live beyond their means
  -Fort Worth Business Press 2002
• In 1968, consumers' total credit debt was $8 billion (in current dollars).  Now the total exceeds $880 billion.
  - Federal Reserve Bank
• If you pay off a $1,000 debt on an 18 percent card by just sending in the minimum payment each month at 2 percent, it will take more than 12 years to repay and cost you over $1,000 in interest rates.
  -Bankrate.com
• 40% of American families spend more than they earn.
  - Federal Reserve Bank
• 51% of the U.S. population has at least two credit cards
  - Center for Media Research
• One in six families with credit cards pays only the minimum due every month.
  - American Bankers Association, Federal Reserve