My initial thoughts are stress and fear. I don't have any credit cards, but I have a debit card. With a debit card I can only spend what money I have in my bank, which although maybe it feels easy to spend, I can't get in debt. I want credit cards, so that I can make big purchases and learn about credit and one day be able to buy a house, etc, but after reading these alarming statistics I feel sort of scared out of it and reluctant.
Three facts that stood out to me:
"Nearly all of the 725 students who took the survey in fall 2009 were business majors."
This fact stood out to me because you'd think that students studying business would know how to be aware and manage their money.
"75% of them do not know their late payment charges and 70% of them do not know what their over-balance-limit fees might be."
This stood out to me because these seem like important things to be aware of if you are making the decision to have a credit card yet so many people are oblivious to them.
"In 2004, the average college student had $946 in credit card debt. By 2009, the average stood at more than $4,100."
This stood out to me first of all just because of the dramatic increase of debt, but also because of how terrible it is that students who are working hard yet are so young in college already have that much debt.
Some of the wider implications of the findings are that people don't understand the real world and financial responsibility. Also that college students should be educated on things as relevant and important as credit cards.
One of the key findings that i found interesting was the fact about only 9.4% of credit-card-carrying college students paid off their debt in full each month. In 2003 this survey was taken and 32% paid off their debt each month. This drop is thought to be caused by the financial struggle students already have. This seems crazy because although 32% seems low for something that is important to do, 9.4% is insanely low. I can't believe how small the percent is when in reality most people should be able to.