University students in the United States own more than twice the number of credit cards that British university students do — in fact, about half of all American undergraduates have four or more credit cards, but most British undergraduates have only one or two.
More facts on credit cards:
- Only 2 percent of American undergraduates have no credit history. Less than a fifth of American students pay off all of their credit card balances every month.
- The average American student will rack up more than $20,000 US Dollars (USD) in debt before leaving college. British students end up owing about $18,000 USD by the time they leave, but they owe more per year of school, because a British undergraduate degree lasts only three years.
- Nearly a third of both American and British students put their university tuition on their credit card.