Factors influencing levels of credit-card debt in college students

The current study examined the relationship between money attitudes, impulsivity, locus of control, life satisfaction, and stress and credit-card debt in 227 college students. Students reported an average credit-card debt of $1,518, with over 75% of students holding at least one credit card. Students with credit cards from on-campus solicitation had higher debt-to-income ratios than did those with credit cards from other sources. Personality variables were generally unrelated to level of debt, although they were related to attitudes toward money. Many students requested information about credit and debt, suggesting that knowledge of financial issues may be an important variable for future consideration.