STUDENTS USE AND MANEGEMENT OF CREDIT CARDS, USO Y MANEJO DEL CREDITO EN ESTUDIANTES UNIVERSITARIOS

Karen C. Castro-Gonzalez, Cristina Delgado-Ortiz and Jomar Rodriguez-Madera

Revista Internacional Administracion & Finanzas, 2014, vol. 7, issue 5, 51-60

Abstract: The main objective of this study is to describe undergraduate students use and management of credit cards and their attitudes towards credit. Hyan, Grable and Bagwell (2003) find that 70 percent of undergraduates have credit cards. On the one hand, Sallie Mae (2008) finds that only 17 percent of them pay in full their credit card balance on a monthly basis. On the other hand, Sallie Mae (2006) finds that 60 percent indicate they know the balance on their credit card. These findings helped the United States government justify approval of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 that requires parents’ approval and involvement when minors under 21 years apply for a credit card. We used a questionnaire to survey 255 undergraduate students about attitudes, use and management of credit cards. Results suggest that most undergraduates use and manage their credit cards adequately but, 60 percent indicate that when they are unable to pay their debt, others do it for them.

Keywords: Credit Cards; College Students Debt; Personal Finance (search for similar items in EconPapers)
JEL-codes: A22 D14 (search for similar items in EconPapers)
Date: 2014
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