Research reveals average student credit card balance is just £220
28th August 2008
The average student has a credit card balance of just under £220 according to new research from Halifax.
In a survey commissioned by the high street lender, 37 per cent of students questioned had a credit card.
However 80 per cent had a loan and 64 per cent admitted to having an overdraft.
The survey revealed that students used credit cards "for their functionality and the added protection" rather than as a source of debt.
Ken Stannard, head of Halifax Credit Cards, explained: "Our credit card is designed to help students stay in control of their finances. With a free text alert service it's easy to monitor your balance and remember to make repayments on time."
According to the results of the survey, the balance that students held on their card differed depending on the area of the country that they lived in.
Students in eastern and south-eastern university regions had the largest balances, while those living in the south-west and East Midlands had the smallest balances.