Over half of students ‘pay off credit card balances in full’

Students are more likely to repay the full balance of their credit card debt than the general population, new figures have suggested.

Apacs, the UK payments association, conducted a survey into the financial habits of those in full-time education.

It found that 59 per cent always pay off their outstanding credit balance in full, compared to the national average of 55 per cent.

In addition, the proportion of people aged 16-24 that have a credit card stood at 22 per cent, lower than the national figure of 64 per cent.

However, 73 per cent of 16-24 year-olds have a debit card, suggesting that this is a more popular form of payment for students.

Meanwhile, parents that wish to buy a property for their sons or daughters to live in during university may be interested in a recent Halifax survey that showed house prices have risen in several student towns over the past five years.

By Jamie Price