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Credit cards 'can help students manage their money'

By Sarah Engle, Wed 27 Aug 2008 - Published in Credit Cards

New research has revealed 37 per cent of students have a credit card and the average balance stands at £220.

The study by Halifax shows that those studying in Scotland are most likely to have a credit card, with 44 per cent admitting to using plastic.

In contrast, students in Wales are least likely to own a credit card, with 33 per cent using them.

The survey also found female students have a higher average balance on their cards at £255.50, in comparison to £173.20 for their male counterparts.

However, Halifax claims that many students do not use their credit cards as a source of debt but rather as a way of managing their money and because of the added protection they provide.

Head of Halifax Credit Cards Ken Stannard said: "Our credit card is designed to help students stay in control of their finances."

Elsewhere, Sainsbury's has called for greater transparency when it comes to credit cards reward schemes.