One in six sensible students are paying their credit card balances in full, Apacs reveals.
Students display more prudence than the general population when it comes to using credit cards, new statistics show. According to data from the UK payments association Apacs, just 22 percent of students aged 16 to 24 have a credit card, compared to the national average of 64 percent.
The number of students who always pay off their balances in full is also higher than the figure for the general population, Apacs found. While 55 per cent of adults on average repay the full amount each month, students appear to be better at managing credit card arrears, with 59 per cent clearing their balances on a monthly basis.
Apacs also issued a breakdown of where student finance is spent, with male students spending almost £200 more than female students in restaurants, cafes and snack bars each year. By contrast, women aged 16 to 24 make more payments in supermarkets than men in the same age group and also spend more on shoes and online shopping.
Recent research by Abbey revealed that 74 percent of students are cutting back the amount they spend on entertainment and socialising in order to save money during the credit crunch. In addition, 58 percent said they are spending less on luxury items such as new clothes, CDs and DVDs.
